The operations relate to the SFO's ongoing investigation into the circumstances surrounding the collapse of the Kaupthing banking Group, and Icelandic investigators mounted similar operations in Reykjavik this morning.
In London two business properties and eight residential addresses were searched during the extensive operation, which involved 135 Police Officers and SFO Investigators. During the course of the London operation seven men were arrested and taken to Police Stations in Central London for interview. The arrested suspects' ages ranged from 42 to 54, and included Vincent Tchenguiz and his brother, Robert Tchenguiz.
Vincent Tchenguiz, recently agreed a debt-for-equity swap with Bank of America Merill Lynch in relation to property managing agents, Peverel (which is ultimately owned by the Tchenguiz Family Trust, the holding company of Vincent Tchenguiz). Peverel is the largest residential managing agent in the United Kingdom and over the last few months the company has been subjected to successive high profile complaints from dissatisfied customers complaining about unreasonable service charges and poor service.
In a statement concerning today's events, the brothers said: "We were arrested earlier this morning and are being questioned with regard to matters relating to our relationship with Kaupthing Bank. Both of us are cooperating fully with the investigation and are confident that, once concluded, we will be cleared of any allegation of wrongdoing."
