(1) Where the Court makes a confiscation order against property of a person convicted of a serious offence and the conviction is subsequently quashed, the quashing of the conviction shall not discharge the order.

(2) Where a confiscation order against property is not discharged, a person who had an interest in the property immediately before the confiscation order was made may apply to the Court for an order for the transfer of the interest to that person.

(3) The Court may

(a) give directions that the property or part of the property to which the interest of the applicant relates be transferred to the applicant if the interest is vested in the Republic, or

(b) in any other case, direct that the applicant be paid an amount equal to the value of the value of the interest at the time the order was made.