Manchester properties searched in reported IRA probe

Britain's Assets Recovery Agency searched several properties in the northern city of Manchester yesterday, an investigation local media said was part of a probe into Irish Republican Army activities.

The agency said in a statement it had so far uncovered a portfolio comprising 250 properties worth a total of £30 million held by two men.

The agency declined to give details of the identity of the men and would not comment on reports it was linked to the IRA.

The ARA said it had identified around 250 properties held by both of the businessmen and a number of property management companies.

"The equity in the properties appears to be in the region of nine million pounds," it added.

It said large quantities of documents had been seized in the searches which followed the granting of a court order in London.

One of the businesses raided, the Craven Group, later confirmed it was "assisting the Assets Recovery Agency in its ongoing inquiry".

"We wish to emphasise this is a civil inquiry and that no wrongdoing is suggested against the group or any of its staff."

The raids came as Sinn Fein leaders Gerry Adams and Martin McGuinness were preparing to meet Prime Minister Tony Blair at Downing Street, 10 days after the annoucement that all IRA weapons had been destroyed.

Mr Adams said the timings of the Manchester raids was political.