On Tuesday 31st July, the High Court declared that the Serious Fraud Office (SFO), which investigates and prosecutes complex fraud cases in the United Kingdom, improperly obtained search warrants which were issued as part of their inquiry into the Tchenguiz brothers’ involvement in the collapse of the Icelandic bank Kaupthing.
The brothers, Robert and Vincent Tchenguiz, are two of the country’s most high profile property entrepreneurs who were arrested and had their offices searched back in March 2011.
Notwithstanding that the Justices’ in the High Court ruled the actual arrest warrants were legal, it has been submitted that the search warrants were unlawfully obtained, ‘by misrepresentation and non-disclosure’.
The intentions of both brothers appear to be that they will pursue claims in respect of damages suffered as a result of the SFO’s illegal actions and bring proceedings against them.
For the enormous damage to both their business and reputation, figures have emerged of up to £100 million each that the brothers may claim for.
Despite the case against Vincent being dropped earlier this year, it is suggested that the SFO will continue the investigation with ‘renewed focus and vigour’.
Furthermore, a series of apologies have been issued by the SFO.
By Rachel Adamson, fraud specialist and Associate Solicitor
Stephensons provides specialist representation to individuals in proceedings brought by the SFO and other agencies. We deal with a wide variety of cases and if you would like to speak directly to a member of our serious fraud and business crime team to discuss your situation, please do not hesitate to contact us on 01942 774161.