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The Serious Fraud Office and Vincent Tchenguiz announce settlement of civil claims

25 July, 2014 | News Releases

The Serious Fraud Office has settled the civil damages claims brought by Mr Vincent Tchenguiz and his business entities arising from his arrest and the searches of his home and their business premises in March 2011.

On 31 July 2012, following a judicial review, the High Court quashed the search warrants and was highly critical of the SFO’s conduct to the extent that, in November 2012, the SFO was required to pay Mr Tchenguiz and his business entities’ costs for those public law proceedings on the indemnity basis. The SFO has now agreed to pay Mr Tchenguiz and his business entities the total sum of £3 million plus their reasonable costs in full and final settlement of their civil claims.

The Director of the SFO, David Green CB QC, said:

“I am pleased that we have been able to resolve this matter without the need for a costly trial. The SFO deeply regrets the errors for which we were criticised by the High Court in July 2012. 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.”

The separate civil damages claims brought by Mr Robert Tchenguiz and his associated interests have not been settled.

Notes to editors:

1.The SFO will pay the settlement sum of £3m within 14 days and has agreed to pay £3m towards the final costs figure within 21 days.

2.For the judicial review judgment made in July 2012, please click here.

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