The case of U.K. property tycoon brothers Vincent and Robert Tchenguiz against the Serious Fraud Office for wrongful arrest because of its investigation into the brothers’ part in the collapse of Icelandic bank Kaupþing in 2008 ended yesterday when the SFO settled with Robert Tchenguiz.
The SFO agreed to pay Robert GBP 1.5 million (ISK 290 million, USD 2.5 million, EUR 1.9 million) in damages and agreed last week to pay Vincent Tchenguiz GBP 3 million in addition to legal costs, telegraph.co.uk reports.
The SFO’s director David Green commented: “I am pleased that we have been able to resolve this final outstanding matter, without the need for a costly trial,” adding: “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.”
Robert Tchenguiz stated that to him, the most important thing about the settlement was that the SFO had apologized and that his name had been cleared.
The brothers’ damages case against the SFO opened in December 2012.