THE Kinahan cartel is to have up to €500million worth of frozen assets handed back by Spain

THE Kinahan cartel is to have up to €500million worth of frozen assets handed back by a Spanish court

According to the Irish Sun  the cartel that was based for many years in Spain’s Marbella region on the Costa del Sol are to have millions of seized assets returned as the majority of charges are dropped by the Spanish courts.

In the assets seized belongs not only hard cash in various bank accounts but luxury properties and cars.

All the seizures were made when the police started an operation sting known as Operation Shovel in 2010, but now it looks like the cartel are in for a windfall as the assets are returned.

According to the Irish Sun,a Spanish source close to the case said: “The return of the assets is the logical follow-on from last week’s decision, because if there are no further outstanding accusations, then the assets can no longer be frozen.

“It will take some time, because each court order has to be drawn up and signed individually.

“There has also been a change of investigating judge overseeing the case and the new one is not entirely familiar with it.

“However, the record of impounded material is being examined and the appropriate orders are being prepared and in some cases translated to be sent to banks in other countries outside Spain.

“Obviously there will be a delay before all this comes to pass, but they have waited ten years for the charges against them to be dropped so a few more months won’t bother them.”  Global247News Twitter

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