Swann ordered to forfeit assets

Michael Swann
Michael Swann
About $250,000 worth of assets have been recovered from convicted fraudster Michael Swann, including a $160,000 Rolls Royce found stashed in a container this year.

Mr Swann spent four years and eight months in jail for his part in defrauding the former Otago District Health Board of $16.9 million. 

Justice David Gendall ordered the assets to be forfeited in the High Court at Dunedin today, saying he was "satisfied'' from the evidence that the three items were either owned by Mr Swann or purchased from proceeds of his offending.

Full coverage in tomorrow's ODT.
Full coverage in tomorrow's ODT.

This meant the property was subject to a $6 million pecuniary order, which effectively meant any property recovered up to that amount can be used to satisfy the order made under the Proceeds of Crime Act.

The assets were a 1922 Rolls Royce, purchased for $160,000 in 2004, a dirt bike, purchased for $14,500 in 2006, and $92,475.42 held in trust accounts in the names of "various Swann-related entities''.

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