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Vincent Tchenguiz no longer a fraud suspect, says SFO | |
(about 1 hour later) | |
The Serious Fraud Office has told property tycoon Vincent Tchenguiz that he is no longer under investigation and that his bail will be cancelled. | The Serious Fraud Office has told property tycoon Vincent Tchenguiz that he is no longer under investigation and that his bail will be cancelled. |
He was arrested last year in a raid on his London office as part of an SFO inquiry into the collapse of Iceland's Kaupthing bank. | |
But the SFO came under severe criticism over the case, with a senior judge accusing it of "sheer incompetence". | But the SFO came under severe criticism over the case, with a senior judge accusing it of "sheer incompetence". |
Mr Tchenguiz said the SFO's decision was a "huge relief". | Mr Tchenguiz said the SFO's decision was a "huge relief". |
"This shadow has now been lifted and I can get on with rebuilding my life and my business interests," he said. | "This shadow has now been lifted and I can get on with rebuilding my life and my business interests," he said. |
"The damage, however, has still to be accounted for." | "The damage, however, has still to be accounted for." |
Last month, Mr Tchenguiz challenged the lawfulness of the SFO's decisions at a judicial review hearing, accusing the organisation of "institutional failure". | Last month, Mr Tchenguiz challenged the lawfulness of the SFO's decisions at a judicial review hearing, accusing the organisation of "institutional failure". |
Lord Goldsmith QC, representing Mr Tchenguiz, told judges Sir John Thomas and Mr Justice Silber last month that the SFO made "false" and "misconceived" allegations. | Lord Goldsmith QC, representing Mr Tchenguiz, told judges Sir John Thomas and Mr Justice Silber last month that the SFO made "false" and "misconceived" allegations. |
At the start of the judicial review, the new SFO director David Green said he was reconsidering the evidence. | At the start of the judicial review, the new SFO director David Green said he was reconsidering the evidence. |
'Damaged reputation' | 'Damaged reputation' |
Mr Tchenguiz was arrested by the City of London police in March 2011 during a dawn raid on his and his brother Robert's homes and offices. | Mr Tchenguiz was arrested by the City of London police in March 2011 during a dawn raid on his and his brother Robert's homes and offices. |
Vincent Tchenguiz was held for 14 hours and released on bail later the same day. | Vincent Tchenguiz was held for 14 hours and released on bail later the same day. |
He said on Monday: "I have consistently explained to the SFO that they had got it completely wrong - but, as their investigation collapsed around their ears, they stubbornly maintained that they regarded me as a suspect. | He said on Monday: "I have consistently explained to the SFO that they had got it completely wrong - but, as their investigation collapsed around their ears, they stubbornly maintained that they regarded me as a suspect. |
"The damage to my reputation and the business has been massive." | "The damage to my reputation and the business has been massive." |
In response to the findings of the Judicial Review, the SFO has conceded that it made errors in bringing a case against Vincent Tchenguiz. | |
But, the SFO insists the investigation into his younger brother continues. "There is no change to the status of Mr Robert Tchenguiz," it said in its statement. |