The Serious Fraud Office (SFO) has apologised to property tycoon Vincent Tchenguiz over the way it handled an investigation into the billionaire's involvement in Icelandic bank Kaupthing.
According to the Financial Times, the SFO has admitted to "very regrettable errors" and failures in the way it handled its case against Tchenguiz. The FT reports that a letter it has seen from the solicitors acting for the SFO describe how it "inadvertently miscast" information when obtaining search warrants against Tchenguiz as part of an investigation into Kaupthing. Tchenguiz has initiated a £100m claim against it for reputational damages. The authority explains that its case workers, "extremely busy" with a "very large amount of complex information", failed to identify and verify...
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