Telegraph 04 Nov 12: Robert Tchenguiz to sue SFO for damages after Kaupthing probe arrest

The high-profile businessman is working with lawyers Burton Copeland on legal steps he hopes will go some way to compensating him for the 18 months he was under suspicion because of the SFO investigation. Mr Tchenguiz plans first to sue the SFO for either wrongful arrest or false imprisonment, relating to the 12 hours he was held in a City of London Police cell after his arrest in March last year.

If successful, he will then sue the SFO for what could be millions of pounds in damages. His brother, Vincent, arrested at the same time, has already threatened to sue the SFO for £100m in damages.
Before any action can be taken, the brothers face a costs hearing relating to a judicial review they brought against action taken by the Serious Fraud Office.

The legal costs could run to in excess of £3m, with a hearing set to take place before Christmas.

A damages hearing would potentially be far more expensive for the SFO and the Government. In its latest accounts, the SFO admitted it faced potential legal action from Vincent Tchenguiz and, although no specific sums were mentioned, said it was making provisions for the possibility of "substantial damages".

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