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.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 5 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...