Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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.
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter