Property tycoon Vincent Tchenguiz and Icelandic bank Kaupthing have settled a £2.2bn lawsuit following an investigation by the Serious Fraud Office (SFO) into the bank's collapse.
The British-based mogul filed a High Court claim in 2014 alleging Kaupthing, professional services firm Grant Thornton, two of its partners and an Icelandic lawyer conspired over the SFO probe.
Kaupthing said it had agreed to make unspecified payments to the Tchenguiz Family Trust (TFT) as part of the confidential settlement. Tchenguiz said he had withdrawn proceedings against all other co-defendants.
The SFO’s failed investigation into Tchenguiz and his business affairs was ultimately abandoned in 2012. Tchenguiz and his brother Robert were both investigated and briefly arrested the previous year. They received a £4.5m out-of-court settlement and a full apology from SFO director David Green in 2014 after saying they had received serious damage to their reputations.
Tchenguiz said: “I am glad to have brought these proceedings to a close. I now look forward to the future and can focus on my business.”
Grant Thornton, which has said consistently that it acted appropriately and in accordance with its responsibilities and legal obligations, said the case arose “wholly because we co-operated with the authorities” and welcomed its withdrawal, according to Reuters.