Tchenguiz to Sue SFO in Kaupthing Case Skip to content

Tchenguiz to Sue SFO in Kaupthing Case

British businessman Robert Tchenguiz, who was arrested by the Serious Fraud Office (SFO) in London last week along with his brother Vincent and assistants Aaron Brown and Tim Smalley as part of an investigation of the defunct Icelandic bank Kaupthing, is planning to sue the SFO.

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Copyright: Icelandic Photo Agency.

Tchenguiz claims that the arrests were planned with that in mind, to obtain as much media coverage as possible, Morgunbladid reports.

“The SFO issued a press release before I had the chance to talk with my lawyer,” Tchenguiz said in a statement. “I am of the opinion that the arrest was illegal and have asked my lawyer to investigate whether that is the fact and also whether the raids were in accordance with the law.”

Tchenguiz was Kaupthing’s largest debtor at the time of the banking collapse in Iceland in October 2008. The SFO and the Office of the Special Prosecutor in Iceland are investigating whether the loans Tchenguiz was granted were legal.

Kaupthing executives, including chairman Sigurdur Einarsson, were also arrested in last week’s actions but all of the nine individuals who were arrested in Iceland and the UK were released after questioning.

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