UK fraud cops drop Tchenguiz inquiry

Britain’s fraud busters have told property magnate Vincent Tchenguiz that he is no longer a suspect in relation to the 2008 collapse of Icelandic bank, Kaupthing, reports Global Legal Post.

London’s Legal Week newspaper reports that the development brings an end to a long-running investigation that has weakened the reputation of the Serious Fraud Office.

Vincent Tchenguiz, and his brother Robert, became central to the SFO’s investigations over two years ago. But the case floundered after a high-profile dawn raid in March 2011, with the SFO admitting there were errors in the evidence it used to obtain search warrants against the brothers.

Vincent Tchenguiz has already indicated he will go ahead with a £100 million claim against the SFO, recruiting London partner Stephen Pollard of Boston-based law firm Wilmer Hale, Ben Emmerson QC of Matrix Chambers and Lord Goldsmith QC, the former Attorney General who is now head of European litigation at the London office of US law firm Debevoise & Plimpton.

A spokesman for the office commented: ‘We have notified Vincent Tchenguiz that there are no longer reasonable grounds to consider him a suspect in the on-going investigation into the collapse of Kaupthing Bank. There are arrangements underway regarding the cancellation of his bail.’

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