TNAG-1996-FCO40-2843-Hong-Kong-Drug-Trafficking-(Recovery-of-Proceeds)-Ordinance--1991 — Page 19

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(3) If the court is satisfied that the amount that might be realised at the time the confiscation order is made is less than the amount the court assesses to be the value of his proceeds of drug trafficking, the amount to be recovered in the defendant's case under the confiscation order shall be the amount appearing to the court to be the amount that

might be so realised.

Definition of principal terms used

7. (1) In this Ordinance, "realisable property" means, subject to subsection (2)——— (a) any property held by the defendant; and

(b) any property held by a person to whom the defendant has directly or indirectly

made a gift caught by this Ordinance.

(2) Property is not realisable property if—

(a) an order under section 102 or 103 of the Criminal Procedure Ordinance

(Cap. 221); or

(b) an order under section 38F or 56 of the Dangerous Drugs Ordinance

(Cap. 134),

is in force in respect of the property.

(3) For the purposes of sections 5 and 6 the amount that might be realised at the time a confiscation order is made against the defendant is—

(a) the total of the values at that time of all the realisable property held by the

defendant, less

(b) where there are obligations having priority at that time, the total amounts

payable in pursuance of such obligations,

together with the total of the values at that time of all gifts caught by this Ordinance.

(4) Subject to the following subsections, for the purposes of this Ordinance the value of property (other than cash) in relation to any person holding the property—

(a) where any other person holds an interest in the property, is-

(i) the market value of the first mentioned person's beneficial interest in the property, less

(ii) the amount required to discharge any incumbrance (other than a charging order) on that interest; and

(b) in any other case, is its market value.

(5) Subject to subsection (10), references in this Ordinance to the value at any time. (referred to in subsection (6) as "the material time") of a gift caught by this Ordinance or of any payment or reward are references to-

(a) the value of the gift, payment or reward to the recipient when he received it adjusted to take account of subsequent changes in the value of money; or

(b) where subsection (6) applies, the value there mentioned,

whichever is the greater.