Property Tycoon Tchenguiz 'Will Recover' From Fraud Probe

Property tycoon Vincent Tchenguiz insists he will bounce back following the decision by the UK’s Serious Fraud Office to drop charges against him in relation to the collapse of Kaupthing Bank.

“I will recover,” Tchenguiz told CNBC. “I will definitely recover, if not get into better business. I am innocent.”

Officers from the SFO raided Tchenguiz’s offices in March last year, arresting him in relation to his dealings with failed Icelandic bank Kaupthing.

But the agency was forced to drop the case following mistakes and factual errors.

There are now media reports that Tchenguiz could sue the SFO.

The property tycoon said he was effectively frozen out of the markets following his arrest, with his creditors pulling the plug.

“From the day it started, we went from being in the credit crunch which affected international markets to super credit crunch,” he told CNBC.

“We have lots of relationships with lots of banks and institutions and frankly, the extent of this, the up ticks of this were so big that everybody assumed that there must be something material,” he said.