Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

SFO settles with Robert Tchenguiz as total payout hits £7.5m

SFO settles with Robert Tchenguiz as total payout hits £7.5m

The Serious Fraud Office (SFO) has paid Robert Tchenguiz (pictured) £1.5 million in a final settlement, which has pushed the cost of the bungled investigation above £7.5 million.

The SFO agreed to pay £3 million in civil damages to Robert's brother Vincent and his business entities last week and £3 million in costs with further costs to be taken into consideration.

The move draws to a close an embarrassing chapter in the SFO’s history which saw it heavily criticised for its arrest of the brothers and searches of their home and business premises in March 2011.

In July 2012, following a judicial review, the High Court quashed the search warrants and was highly critical of the SFO’s conduct, ordering it pay damages in November the same year.

The Tchenguiz brothers had originally been claiming for £200 million in damages.

SFO director David Green said: ‘I am pleased that we have been able to resolve this final outstanding matter, without the need for a costly trial. 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, and I am determined that the mistakes made over three years ago will not be repeated.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter