Tchenguiz launches hearing against Serious Fraud Office

 
Kasmira Jefford
Follow Kasmira
PROPERTY magnates Robert and Vincent Tchenguiz will this morning launch their case against the Serious Fraud Office (SFO) for millions of pounds worth of damages following its investigation into the collapse of Icelandic bank Kaupthing.

The hearing at the High Court will kick off a 12-month process that is likely to mount political pressure on the SFO and highlight failings under its ex-boss Richard Alderman.

After a series of blunders, the SFO was forced to drop its three-year investigation into the brothers borrowing large sums from Kaupthing before its collapse.

Search warrants giving the green light to raids on their property were deemed unlawful by the High Court in July following a judicial review into the SFO’s actions.

It is not clear what details will be released at the hearing but Robert Tchenguiz has previously warned the SFO of plans to sue them for upwards of £100m.