Property tycoons Vincent and Robert Tchenguiz are set to sue accountants Grant Thornton for up to £2.5 billion after a judgment today ordering the firm to release documents shown to the Serious Fraud Office ahead of its dawn raid on them two years ago.
In the High Court today Mr Justice Eder, who is hearing the Tchenguizs’ claim against the SFO for up to £300 million damages, revealed that the brothers’ solicitors are looking at suing Grant Thornton, which was liquidator to a group of their companies after the collapse of Iceland’s Kaupthing bank.
The judge said: “The solicitors to the claimants have made a number of very serious allegations, including an allegation that the joint liquidators provided misleading and inaccurate information to the SFO for the purpose of damaging Vincent Tchenguiz... and forcing the settlement of civil actions on unfavourable terms.”
Vincent Tchenguiz said: “This is a crucial and immensely significant judgment. It is clear that Grant Thornton initiated and played a significant role in the SFO’s misguided investigation into me and in the SFO’s unlawful gain of warrants which led to my arrest and the massive financial loss which stemmed from the SFO’s actions.
“These five reports appear to have been pivotal in the SFO’s flawed inquiry.”
A spokesman for liquidators Stephen Akers and Mark McDonald of Grant Thornton said they plan to appeal against the ruling.
