Contract related to armour plating of police vehicles
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Police investigating alleged corruption within the PSNI have carried out a number of searches at police buildings and at some houses.
The searches are linked to an ongoing probe into a contract to supply armour-plating for police vehicles.
Earlier this month, a judge said there was evidence someone in the PSNI had "deliberately undermined" a firm which had lost the contract to a rival.
An outside expert is advising the police on the criminal investigation.
Chief Constable Sir Hugh Orde briefed the Policing Board following the legal action over a cancelled contract for vehicle armour-plating.
Sir Hugh said he took the court case "extremely seriously".
In the High Court action, Northern Ireland Sheet Metal Works Ltd was awarded £400,000 in damages.
The Belfast-based company took an action for breach of contract after Firth Rixson Castings Ltd was awarded the contract, at an extra cost of £350,000.
High Court judge Sir Liam McCollum said once legal costs had been taken into account, the wasteful loss of public funds was in the region of £1m.