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(1) Where the Executive Director considers that freezing of property is necessary to facilitate an investigation or trial, the Executive Director may in writing direct the freezing of

(a) the property of a person or entity being investigated, or

(b) specified property held by a person or entity other than the person or entity being investigated or tried.

(2) The Executive Director shall within fourteen days after the freezing of the property apply to the Court for a confirmation of the freezing.