The Serious Fraud Office has dropped its investigation into the collapse of Icelandic bank Kaupthing, including one of its largest borrowers Robert Tchenguiz.
The SFO said: “The director of the SFO has today discontinued the investigation into the circumstances surrounding the collapse of Icelandic bank Kaupthing on the grounds that there is insufficient evidence to justify its continuation. The SFO will continue its close cooperation with the special prosecutor’s office in Reykjavik.”
The SFO’s announcement today comes two months after the high court ruled the SFO’s March 2011 raid of Robert and Vincent Tchenguiz’s premises as part of its investigation into the collapse of Icelandic bank Kaupthing, was unlawful.
It marks the end of an investigation which began on 16 December 2009 into suspected fraud offences committed within the UK jurisdiction in relation to Kaupthing, prior to the bank’s collapse in October 2008.
joanna.bourke@estatesgazette.com
