Robert Tchenguiz to sue SFO for damages after Kaupthing probe arrest

Posted 05/11/2012 - 08:25 by anrigaut

2012-11-04 (All day)

Entrepreneur Robert Tchenguiz is to take legal action against the Serious Fraud Office for damages after his arrest as part of an investigation into the collapse of Icelandic bank Kaupthing.

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The Queen gives Elle Macpherson a financial lifeline

Posted 09/08/2012 - 06:50 by anrigaut

2012-08-04 23

08 Aug 2012:
" ... Now, the Privy Council has granted the Australian-born Macpherson permission to appeal. ..."

An updated version of an earlier highly inaccurate report.

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SFO to continue Tchenguiz investigation after search warrants ruled 'unlawful'

Posted 01/08/2012 - 12:37 by anrigaut

2012-07-30 23

The Serious Fraud Office vowed to press on with its controversial fraud investigation into property entrepreneur Robert Tchenguiz despite suffering a damning High Court judgment on the case.

The SFO said the inquiry would continue with “renewed focus and vigour”, just hours after a High Court judge found it had illegally obtained search warrants used in dawn raids against Mr Tchenguiz and his brother Vincent. The decision means the multi-million pound investigation into Mr Tchenguiz’s links with failed Icelandic bank Kaupthing could run into a fourth year.
While finding against the search warrants, Justice Thomas and Justice Silber ruled the actual arrest warrants were legal.

The judges also appeared to concede there could be grounds for “reasonable suspicion” against Robert Tchenguiz in his dealing with Kaupthing, particularly in relation to a £370m loan facility known as Oscatello.

“It is apparent after a detailed examination of the materials... that a case of reasonable suspicion might have been advanced and presented by the SFO to the judge,” they stated.

The judges went on to say, in what could be interpreted as a plea for proper funding for the SFO, the financial crime-fighting agency required more cash to do its job properly.

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SFO drops investigation into two more Kaupthing suspects

Posted 19/07/2012 - 07:49 by anrigaut

2012-07-18 23

"The decision to release Armann Thorvaldsson, former head of Kaupthing’s UK investment banking business, and the bank’s ex-treasurer, Gudni Adalsteinsson, from police bail comes just weeks after the SFO dropped a parallel investigation into entrepreneur Vincent Tchenguiz. It marks a further serious blow to what was the SFO’s most high-profile investigation.

The SFO refused to name the two individuals but did confirm it was dropping the investigation. “Two men previously arrested and released on police bail in the SFO Kaupthing investigation are no longer suspects and police bail is to be cancelled.”

The setback comes as the SFO is waiting on the outcome of a judicial review into the arrest of Mr Tchenguiz and his brother Robert. ...

From being one of the SFO’s most high profile cases the Kaupthing investigation has turned into one of its most problematic. Of the seven men arrested in March last year, the SFO has now had to formally drop its investigation into three of them.

The number could rise to four once the judicial review into the arrest of Robert Tchenguiz is published. "

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Re Daily Telegraph article of 23 May 2012

Posted 23/05/2012 - 19:23 by anrigaut

2012-05-22 23

Update 2 June 2012:

Following clarification in court by the SFO lawyer that his words had been misinterpreted, this erroneous report alleging that senior executives of the bank had been resident in the home of Robert Tchenguiz has since been removed from the Daily Telegraph's website.

The origins of this misunderstanding are explained here:

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Trust us, says the Isle of Man, we're the pension place

Posted 07/11/2011 - 12:43 by anrigaut

2011-11-07 (All day)

The Isle of Man is launching an international push to persuade more British expats and international companies to domicile their pensions on the island.

The island’s financial promotional body, the Isle of Man Finance Partnership, has joined forces with the Isle of Man Association of Pension Scheme Providers (APSP) in this initiative.

The main target of the campaign will be financial advisers and its buzz phrase will be “international retirement solutions”. ...


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Leaked Kaupthing Documents - personal view of Tony Shearer

Posted 10/08/2009 - 13:13 by anrigaut

2009-08-08 23

Excellent article by Tony Shearer, former chief executive of Singer & Friedlander before Kaupthing take-over. Highlights "extraordinary loan book" of KSFUK and plight of KSFIOM depositors. Already 15 comments made - more would be good!

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Kaupthing Singer & Friedlander savers to get compensation within weeks

Posted 20/07/2009 - 13:17 by anrigaut

2009-07-15 23

Three-quarters of savers who lost money through the collapse of the offshore arm of an Icelandic bank will get back all of their money by September, it was announced today.

The Isle of Man parliament has approved a £193m government funding package which will speed up compensation payments to savers of Kaupthing Singer & Friedlander Isle of Man (KSFIOM) under the island's Depositors' Compensation Scheme.

continues ....

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Isle of Man retains its position in offshore elite

Posted 06/07/2009 - 16:00 by anrigaut

2009-06-30 23

"The Isle of Man remains firmly in the premier league of offshore centres, despite a challenging past 12 months.

One of the biggest challenges was how to deal with the collapse of Kaupthing, Singer & Friedlander (Isle of Man) (KSFIOM) last October.
The Manx government reacted by raising the upper limit on its deposit compensation scheme to £50,000 and setting aside up to £150 million for possible compensation as it felt the island's reputation as a safe financial centre was at risk.

Savers with Landsbanki in Guernsey, which also failed amid the Icelandic bank crisis, have enjoyed no such support from the Guernsey government.

The Manx government claims that 75 per cent of KSFIOM savers will now receive full compensation. But the Manx authorities have not escaped criticism due to delays in compensating savers while the courts considered an alternative Scheme of Arrangement, which was proposed by the Treasury but failed to gain sufficient support from creditors."

Aren't we the lucky ones then? And the other 25% ...?

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Shearer on Kaupthing takeover: a few more details.

Posted 03/05/2009 - 07:11 by follow_the_tao

2009-04-26 03

I think a post TSC report piece of Shearer's view of TSC conclusions, and the lack of bite against the FSA.

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