Tchenguiz Sues SFO for $322 Million Over Kaupthing Raids

Property entrepreneur Vincent Tchenguiz is suing the U.K. Serious Fraud Office for about 200 million pounds ($322 million) over illegal searches and seizures during an investigation into the collapse of Iceland’s Kaupthing Bank hf.

The SFO dropped its investigation into Vincent and his brother Robert last month, after a judge ruled its raids had been unlawful.

“My reputation suffered serious damage during the 15 months between my arrest and the SFO conceding that they had no grounds for holding me as a suspect,” Vincent said in an e- mailed statement.

A trial was scheduled for January 2014 following a hearing this morning at a London court, according to the statement. SFO spokeswoman Jina Roe declined to comment.

To contact the reporter on this story: Kit Chellel in London at cchellel@bloomberg.net

To contact the editor responsible for this story: Christopher Scinta at cscinta@bloomberg.net

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