The owner of a Ferrari and a helicopter, who faced jail for contempt of court, has agreed to transfer the ownership of the luxury items identified as the proceeds of crime to the Criminal Assets Bureau in order to avoid prison.
Roger O'Grady, 29, with addresses at Ballinphuill, Tibuhine, Castlerea, Co Roscommon, and Frenchpark, Co Roscommon, was arrested by gardaí on Saturday.
He was brought before the High Court in Cork today.
Last July, the High Court had granted an order for his committal to jail after he failed to lodge just over €60,000 to a CAB account.
Mr O'Grady has now agreed to transfer the ownership and asset value to the State of a number of items including a red Ferrari, a helicopter, a bank deposit with just under €27,000 in it and a recently purchased Range Rover Vogue.
He also agreed to prepare a statement of affairs, including the details of all vehicles he has a financial interest in at Derrylin, Co Fermanagh, for the court by 22 November.
Counsel for CAB Benedict O'Floinn told Mr Justice Kevin Feeney that the proposals, if not purging his contempt, would at least address it.
The judge accepted the undertakings but warned Mr O'Grady that this is the second time undertakings have been given to the court, and the court would take a particular view if he failed to follow through on these.
The case was adjourned until 26 November when the issue of his contempt will be revisited.
He was released on his own bail of €100.