(1) If proceedings are instituted against a person for a drug trafficking offence, an offence of financing terrorism, an offence in respect of which a 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.