Businessman to pay out £500,000

http://news.bbc.co.uk/go/rss/-/1/hi/northern_ireland/7424211.stm

Version 0 of 1.

A County Antrim businessman is to pay out almost £500,000 as part of a High Court settlement with the Serious Organised Crime Agency.

Albert Baxter agreed to hand over the money in order to have several properties and cars returned to him.

Mr Baxter, of Swifts Quay, Carrickfergus, was not in court when lawyers said a deal had been reached.

However, in a statement he expressed delight at reaching a conclusion four years after his property was frozen.

Mr Baxter said: "I acknowledge that my financial affairs were such that there was an inevitability of outstanding tax that would have incurred interest and penalties."

He added: "I do not accept beyond that, that I or my family were ever engaged in any criminal conduct which was and remains wholly denied, and no criminal charges were ever brought against me or my family."

The crime agency had gone to court to seek recovery against Albert and Jessica Baxter under the Proceeds of Crime Act.

However, following private negotiations Mr Justice McLaughlin was told that a consent order had been agreed between the two sides.

No details were disclosed during Wednesday's hearing, but it is understood Mr Baxter has agreed to pay £475,000, in instalments, by next March.

Properties in Carrickfergus, Donaghadee, three BMW cars, jewellery and a series of bank accounts - all listed as recoverable assets - will then be returned to him and his family.