Section 65Part 2 — The Financial Reporting Authority
Serious default
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Where — ( a ) a criminal investigation has been started with regard to an offence and proceedings are not started for the offence and — ( i ) in the criminal investigation there has been a serious default by a person mentioned in subsection
; and ( ii ) the investigation would not have continued if the default had not occurred; or ( b ) proceedings for an offence are started against a person and — ( i ) they do not result in that person’s conviction for the o ffence; or ( ii ) that person is convicted of the offence but the conviction is quashed or that person is pardoned in respect of it; and ( iii ) in the criminal investigation with regard to the offence or in its prosecution there has been a serious default by a person who is mentioned in subsection (2); and ( iv ) the proceedings would not have been started or continued if the default had not occurred; and ( c ) an application is made under this section by a person who held realisable property and has suffered loss in consequence of anything done in relation to it by or in pursuance of an order under this Part, the court may order the payment of such compensation as it believes is just. ( 2 ) Compensation under this section is payable to the applicant out of the reven ues of the Islands if the person in default was a person concerned in the investigation or prosecution of the offence concerned.