65.—(1) F109[If proceedings are instituted against a person for a drug trafficking offence, an offence of financing terrorism, an offence in respect of which a F110[confiscation order might be made under section 9, a relevant offence], or for more than one of any of those offences,] and either—

(a) the proceedings do not result in his conviction for any such offence, or

(b) where he is convicted of one or more such offences—

(i) the conviction or convictions concerned are quashed, or

(ii) he is pardoned by the President in respect of the conviction or convictions concerned,

the High Court may, on an application by a person who held property which was realisable property, order compensation to be paid to the applicant if, having regard to all the circumstances, it considers it appropriate to make such an order.

(2) The court shall not order compensation to be paid in any case under this section unless the court is satisfied—

(a) that there has been some serious default on the part of a person concerned in the investigation or prosecution of the offence concerned, and

(b) that the applicant has suffered loss in consequence of anything done in relation to the property by or in pursuance of an order under this Act.

(3) The court shall not order compensation to be paid under this section in any case where it appears to the court that the proceedings would have been instituted or continued even if the serious default had not occurred.

(4) The court may order compensation to be paid under this section to a person with an interest in property affected by a confiscation order or a F111[freezing order] notwithstanding that he is not the person who was the subject of the relevant investigation or prosecution.

F112[(4A) The court may order compensation to be paid under this section to a person with an interest in property affected by an order made under section 35, 51, or 60 or executed under section 51A or 60D of the Criminal Justice (Mutual Assistance) Act 2008—

(a) notwithstanding that he or she is not the person who was the subject of the relevant investigation, and

(b) only if the court is satisfied—

(i) that there has been some serious default on the part of a person concerned in the carrying out of that order on behalf of the State, and

(ii) that the applicant has suffered loss in consequence of anything done in relation to the property by or in pursuance of that order.]

(5) The compensation to be paid under this section shall be such amount as the court thinks just in all the circumstances of the case.