£3m settles tycoon damages claim

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The Serious Fraud Office (SFO) has agreed to pay £3 million to settle civil damages claims brought by property tycoon Vincent Tchenguiz arising from his arrest and the searches of his home and businesses three years ago.

Mr Tchenguiz was arrested and questioned in 2011 in a raid on his London headquarters as part of an SFO inquiry into the collapse of Kaupthing bank, one of three Icelandic banks to collapse during the 2008 credit crunch.