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UK Supreme Court orders return of Terry Waya's property

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The Supreme Court of England and Wales reduced the confiscation order of £1.54 million pounds made against international businessman, Terry Waya, to £392,400.

In 2003 Mr Waya purchased a flat in London for £775,000. He paid £310,000 from his own resources and was provided with the remaining balance of £465,000 by a mortgage lender on the basis of false statements he made about his employment record and earnings.

In 2007 Mr Waya was convicted of mortgage fraud. During Mr Waya’s subsequent proceeds of crime proceedings, a confiscation order was made against him for £1.54 million.  This amounted to the increased market value of the flat at that time less the £310,000 paid by Mr Waya at the time of the initial purchase.   Mr Waya appealed against the order to the Court of Appeal, who only reduced the order to £1.11 million. This amounted to 60 per cent of the flat’s increased market value.  A further appeal was lodged at the Supreme Court. 

In the lead judgment read by Justice Lord Walker, the court held that confiscation proceedings must be proportionate and that human rights considerations must be considered when deciding a confiscation order.

According to the judgment summary, the justices ruled that confiscation orders are not imposed to act as a further punishment, but merely to stop those that are seeking to benefit from their crimes.

The effect of this ruling means that Mr Waya whose London property is worth over one and a half million pounds and which had been forfeited by prosecution authorities should be returned to him. 

If you are facing Confiscation Proceedings it is vital that you seek specialist advice. Our team at Stephensons has expertise in all areas pertaining to mortgage fraud and financial asset recovery.

By fraud solicitor, Priscilla Addo-Quaye