Property developer Vincent Tchenguiz sues for £2bn in wake of SFO inquiry

Posted 28/11/2014 - 10:50 by anrigaut

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2014-11-28 (All day)

Vincent Tchenguiz has launched a claim for £2.2bn in damages against accountants Grant Thornton and the estate of the failed Icelandic bank Kaupthing in connection with the collapse of a Serious Fraud Office investigation that was heavily criticised over a dawn raid it made on the property developer.

Tchenguiz accuses Grant Thornton, the administrator to Kaupthing, of having manipulated the SFO into launching its investigation into the circumstances surrounding the bank’s collapse during the 2008 financial crisis.
His claim in the high court also names Stephen Akers and Hossein Hamedani, who are partners at Grant Thornton, and Johannes Johannsson, a member of the winding-up committee of Kaupthing. All three have been appointed by courts to act in the interest of creditors to the failed bank.
Kaupthing’s winding-up committee said: “Neither Kaupthing nor Mr Johannsson have been served with court documents as yet, so we are not in a position to comment in detail. In any event it is not Kaupthing’s general policy to comment on specific business-related matters. What we can however say is that the allegations made by Vincent Tchenguiz about the conduct of Kaupthing and Johannes Runar Johannsson have absolutely no basis in fact or in law and will be very vigorously contested.”