SFO Drops Charges Against Tchenguiz

Vincent Tchenguiz, Chairman of Consensus Business Group, has been informed by the Serious Fraud Office that he is no longer being treated as a suspect in their long running investigation into the collapse of the Kaupthing Bank in October 2008.

Tchenguiz was arrested by the City of London Police in a dawn raid on 9th March 2011. He was held for 14 hours, questioned for less than one hour, and released without charge the same day.

Vincent Tchenguiz explained: “It is nearly 15 months since the SFO had me arrested – in a publicity driven dawn raid.  Since that time I have maintained my innocence.  I have consistently explained to the SFO that they had got it completely wrong –
but, as their investigation collapsed around their  ears, they stubbornly maintained that they regarded me as a suspect.  The damage to my reputation and the business has been massive. It is a huge relief that, under the new Director of the SFO, this shadow has now been lifted and I can get on with rebuilding my life and my business interests.  The damage, however, has still to be accounted for.”

Peverel, the UK’s largest managing agents was amongst Tchenguiz’s business interests.  However, soon after Tchenguiz’s arrest, the holding companies of Peverel were placed into administration and were recently purchased for £62m by a private equity consortium.  The administration was not directly connected with Tchenguiz’s arrest.