UK's SFO may back down on "suspect" Tchenguiz

Posted 22/05/2012 - 20:13 by anrigaut

2012-05-21 23

"Britain's embattled Serious Fraud Office faces further humiliation over its bungled investigation of property tycoon Vincent Tchenguiz, after saying it will urgently review his status as a suspect. ... "

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SFO lawyer warned against pursuing Tchenguizs

Posted 22/05/2012 - 08:55 by anrigaut

2012-05-20 23

"The lead lawyer in the Serious Fraud Office’s investigation of the Tchenguiz brothers warned the agency two months before the property tycoons’ arrest that it should not pursue the case.

In January 2011, Wayil Eisa, the lawyer tasked with drafting the case for the prosecution, submitted a 25-page report arguing that it was inappropriate for a UK agency to spearhead a prosecution rooted in the failure of an Icelandic bank.
The SFO will explain in court on Wednesday how crucial documents used to obtain search warrants against Vincent Tchenguiz were misinterpreted. The SFO and Mr Eisa declined to comment.
The SFO is continuing its investigation against both men."

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Serious Fraud Office faces humiliation in bitter battle with Vincent Tchenguiz

Posted 30/04/2012 - 06:34 by anrigaut

2012-04-28 23

After bungling a search of Tchenguiz's home, the ailing SFO is likely to suffer a stinging rebuke in court – and perhaps lose its biggest case altogether.

Lord Goldsmith, the former attorney general who pressurised the Serious Fraud Office into abandoning its probe into BAE, has now suggested that the embattled agency is clinging on to its largest case in a decade "like Mr Micawber, in the hope that something will turn up", even though it has fatal flaws.

Goldsmith's incendiary remarks come as he represents Mayfair property tycoon Vincent Tchenguiz in hearings with the agency before a full judicial review next month.

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Vincent Tchenguiz vs SFO: the bank, the brothers… and the mistakes

Posted 29/04/2012 - 06:50 by anrigaut

2012-04-28 23

The collapse of Icelandic lender Kaupthing has prompted a long, complex and legally fraught clash between the agency and the property tycoon.


In his fightback against the SFO raids, lawyers for Tchenguiz have told the courts: "The SFO have caused serious and ongoing disruption to the operation of companies associated with Vincent Tchenguiz ... By way of example, lines of credit have been disrupted, adversely impacting the group's ability to trade. The [Tchenguiz Family Trust] group has been forced to enter into a process of a £2bn restructuring and sales of its core business."

But while Lord Goldsmith tells the high court there is nothing at all out of the ordinary about Tchenguiz's dealings with former Kaupthing bosses, it is clear that this is most definitely not the view put forward by administrators acting for the bank's creditors in their battle last year with the property tycoon in the civil courts.

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How fares Vincent Tchenguiz after the Kaupthing settlement?

Posted 26/09/2011 - 16:07 by anrigaut

2011-09-18 23

Sigrun Davidsdottir's latest blog, with comment added by Tony Shearer:

"Once again, Sigrún, you have set things out very clearly. And the circumstances raise so many questions about the border between acceptable practice, naivety, incompetence, negligence, and criminal behaviour. And that applies to management, borrowers, auditors, regulators, and other advisers.
The authorities need to put into the public domain what happened so that the lessons can be learned, and people in the future will know what is, and is not, acceptable practice and behaviour.
In addition those who lost money as a result deserve to have some explanations.
Tony Shearer"

Quite so Tony!

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The (one big) hole in Kaupthing assets.

Posted 17/05/2009 - 01:20 by follow_the_tao

2009-05-17 03

Information about loans made by Kaupthing (UK, Iceland /both?) and attempts to recover them.
Tales of dodgy goings on.

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