Robert Tchenguiz gets £1.5 million in damages after botched SFO investigation
Latest Tchenguiz settlement brings total cost to the taxpayer to £7.5m
The Serious Fraud Office has agreed to pay property tycoon Robert Tchenguiz £1.5 million in damages in one of the most embarrassing episodes to hit the agency following a botched investigation.
The latest out-of-court settlement comes just a week after the SFO agreed to pay £3 million in damages and legal expenses to his brother, Vincent Tchenguiz, bringing total cost to the taxpayer to at least £7.5 million.
The Iranian-born mogul was arrested along with his brother in March 2011 as part of highly publicised criminal investigation into the collapse of the Icelandic bank Kaupthing.
The High Court later accused the agency of "sheer incompetence" over the handling of the investigation after it ruled that the arrest warrants against the Tchenguiz brothers were obtained unlawfully.
The pair argued that the arrest had caused them serious distress and reputational damage. At the time, the SFO admitted "that serious mistakes were made in connection with the application for search warrants in this case".
Today, David Green, SFO director, said: "As I said when Mr Vincent Tchenguiz accepted our offer last week, the SFO deeply regrets the errors for which we were criticised by the High Court in July 2012.
"On behalf of the SFO, I also apologise to Robert Tchenguiz for what happened to him. I reiterate that the SFO has changed a great deal since March 2011."
Robert and Vincent Tchenguiz denied any wrongdoing.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
- 1 Marijuana use by teenagers does not result in a lower IQ or worse exam results, study finds
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Kim Jong-un 'purge': Six North Korea officials missing for weeks 'may have been executed'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
iJobs Money & Business
£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...
120-150k: Accountancy Action: We are looking for an experienced CFO from a min...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...