The Serious Fraud Office has settled Robert Tchenguiz’s £1.5m damages claim for wrongful arrest, days after it settled a £3m claim with his older brother Vincent.
The financial watchdog will pay £1.5m, after it arrested the property magnate in a dawn raid on his home in 2011. However, it will also have to pay costs, which could be in excess of £10m.
The brothers had been accused of stealing millions from collapse Icelandic bank Kaupthing.
Robert Tchenguiz called the episode a “hugely damaging farce” and has vowed to pursue those responsible.
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