In December 2009, the Serious Fraud Office announced an investigation into suspected offences committed within the UK’s jurisdiction in relation to Icelandic Bank Kaupthing hf, prior to the bank’s collapse in October 2008. In March 2011, the SFO, together with officers from the City of London Police, mounted a search and arrest operation as part of this investigation. Proceedings for judicial review of the search warrants were instigated soon after by Robert and Vincent Tchenguiz, and the warrants were declared unlawful by the High Court in July 2012. The SFO conceded that serious mistakes were made in connection with its application for the warrants. The investigation was discontinued in October 2012 on the grounds that there was insufficient evidence to justify continuing it. Civil proceedings in connection with the warrants were subsequently brought against the SFO by Vincent and Robert Tchenguiz and their business entities. Those proceedings were settled in July 2014 and the SFO apologised to both individuals.
Page published on 3 Mar 2015 | Page modified on 15 Feb 2021