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Vincent Tchenguiz may receive 6 million pounds ($10 million) in compensation for his 2011 arrest in connection with the collapse of the Icelandic bank Kaupthing, which was distressed during the financial crisis that started in 2008.
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The property developer was arrested in his Park Lane, London residence, in a round-up that included Kaupthing bankers. The Serious Fraud Office made a number of errors during the investigation, for which it was criticized by a high court. The search warrants against Vincent Tchenguiz and his brother Robert were obtained through unlawful methods, and the SFO was accused of “sheer incompetence” by a judge.
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Vincent is currently suing the SFO for damages relating to the arrest, legal fees, distress and harm done to his reputation. The head of the SFO, David Green, issued an apology:
“On behalf of the SFO I apologise to Mr Tchenguiz for what happened to him. The SFO has changed a great deal since March 2011, and I am determined that the mistakes made over three years ago will not be repeated.”
In response, Vincet Tchenguiz replied, “I recognise the important work which the SFO was created to carry out and the impact that this litigation had on their ability to fulfil their role. However, I hope that the SFO has learned lessons from this sorry episode in its history and the serious and significant errors which led to my investigation and arrest are never repeated.”
Robert Tchenguiz is also suing for damages related to his arrest. The brothers were born in Tehran to a Jewish-Iraqi family and emigrated to Great Britain during the Iranian revolution.
