The Serious Fraud Office (SFO) has been forced to drop its investigation into property tycoon Robert Tchenguiz and his role in the collapse of Icelandic bank Kaupthing due to insufficient evidence.
The investigation has been dogged by allegations of impropriety since it began in December 2009. Tchenguiz, along with his older brother Vincent, was arrested in a dawn raid in March 2011. In July the SFO was criticised by two judges for obtaining search warrants illegally. Tchenguiz told Reuters he welcomed the SFO's decision. "I recognise the SFO have an important role to play in investigations of this nature, and have done my utmost to assist them in any way I can," he said. "I look forward to closing this chapter and getting on with business." In a statement the SFO said ...
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