The Serious Fraud Office is to continue its probe into the collapse of Icelandic bank Kaupthing with “renewed focus and vigour”.
The statement comes after the high court said search warrants issued against Vincent and Robert Tchenguiz in relation to the case – under which the SFO carried out dawn raids on them last year – are to be set aside.
The SFO, which had already conceded that “serious mistakes were made in connection with the application for search warrants in this case”, noted the “reasoned tone of the judgment and the helpful comments it contains”.
It said the judgment and the SFO’s concession “highlight the importance of quality and accuracy in the drafting of information supporting warrant applications”.
It added: “This focus on quality underlies the reorganisation of the SFO already conducted by the new director, David Green QC. The restructuring and recent senior appointments are designed to provide inbuilt layers of quality assurance and avoid the repetition of such errors.”
The organisation pledged to provide “any assistance required to the suggested review of the process of obtaining warrants” and said it would “bring in specialist knowledge as and when required”.
Finally, it said: “We note that the court declined to consider the merits of the future of the investigation, this being the responsibility of the SFO as an investigating and prosecuting authority.
“The SFO will continue with the investigation with renewed focus and vigour.”
bridget.o’connell@estatesgazette.com
