Real-estate investor Vincent Tchenguiz has shrunk his business, cut staff and sold property in response to an investigation by the U.K. Serious Fraud Office over the collapse of an Icelandic bank, the Times reported.
Companies connected with real estate investor Vincent Tchenguiz , Tchenguiz Family Trust and its adviser Vincos Ltd. yesterday requested a judicial review into raids on their offices by the U.K.’s Serious Fraud Office in March in a claim alleging the searches were unlawful, the Financial Times reported, citing the claim. A spokesman for Vincent Tchenguiz declined to comment further, the FT said.
Property entrepreneur Vincent Tchenguiz is suing the U.K. Serious Fraud Office for about 200 million pounds ($322 million) over illegal searches and seizures during an investigation into the collapse of Iceland’s Kaupthing Bank hf.
After promising to clean up the U.K. Serious Fraud Office’s record of failures, the collapse of one of his own cases puts the agency’s director under more pressure than ever to score a victory in its Libor probe.