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 Hendersons' Kerley: investing in Marmite-like China

Hendersons' Kerley: investing in Marmite-like China

Citywire A-rated manager sees higher quality growth originating from China's current reforms.

Play Oil slump opportunities, Japanese recession & a UK bank conundrum

Oil slump opportunities, Japanese recession & a UK bank conundrum

Investment Pulse this week looks at further challenges for the British banking sector, Japan's return to recession and the continuing weakness of brent crude.

Play JPMAM's Georgina Brittain: the best opportunities in mid caps

JPMAM's Georgina Brittain: the best opportunities in mid caps

Brittain discusses where she sees opportunities in mid caps despite rising valuations.

Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter