3-9-11 LONDON - LONDON - TYCOONS Vincent and Robert Tchenguiz were among nine people arrested on Wednesday in police raids connected with a probe into the collapse of Iceland's Kaupthing bank, a source close to the operation said.

Britain's Serious Fraud Office (SFO) said it coordinated the raids that took place at 12 addresses in London and Reykjavik and involved 135 police officers and SFO investigators. Seven men aged 42-54 were arrested in London and two aged 42 and 43 held in Iceland.

The SFO would not confirm whether the London-based real estate investors and property developer Tchenguiz bothers had been arrested as part of the investigation. A Reuters reporter saw police vans parked outside their offices in Mayfair and Park Lane in London.

A spokesman for Vincent Tchenguiz said a statement would be issued shortly, but declined to comment further.

Nobody else at the Tchenguiz brothers' offices in London's upmarket Mayfair district was immediately available for comment.

Vincent Tchenguiz had planned to host a press party on his boat, Veni Vidi Vici, in Cannes, southern France, on Thursday. -- REUTERS

http://www.straitstimes.com/BreakingNews/World/Story/STIStory_643275.html

The Iranian Jewish property entrepreneurs Robert and Vincent Tchenguiz were among nine people arrested today in connection with the collapse of Icelandic banking giant Kaupthing.

Robert and Vincent Tchenguiz were arrested early this morning and are being questioned by police in central London.

Robert Tchenguiz was a director and key borrower of Kaupthing until it failed during Iceland’s financial collapse in 2008. He was thought to owe up to £1.72 billion when it collapsed.
Kaupthing last year became the subject of a Serious Fraud Office probe regarding alleged manipulation of the markets.

The brothers’ vast business portfolios, said to have been significantly reduced by the financial crisis, previously included holdings in Sainsbury’s, and stakes in restaurant and pub groups Slug & Lettuce and Mitchells & Butlers.

http://www.iranian.com/main/news/2011/03/12/tchenguiz-brothers-arreste...

Lawyers for Victor Tchenguiz, the property tycoon suspected of being implicated in the collapse of Iceland's banking system, said yesterday that he is "inconvenienced" by a fraud squad investigation that is expected to drag on for months.

Mr Tchenguiz was back at work at his London office yesterday after being arrested by the Serious Fraud Office.

He missed the previous evening's party aboard his yacht in Cannes, which went ahead without him.

Mr Tchenguiz, his brother Robert and five others were arrested as part of an investigation into the collapse of the Kaupthing bank in Iceland, from which Robert Tchenguiz, who was the bank's biggest shareholder, received loans totalling £1.7 bn.

The brothers are two of Britain's most flamboyant businessmen and the party aboard the Veni Vidi Vici yacht was the subject of rumours about whether Victor Tchenguiz would show his face to his guests.

Instead a spokesman announced on his behalf: "He is thinking of changing his name to Jay Gatsby. A man who doesn't turn up at the parties he throws."

His lawyer, Sarosh Zaiwalla, said yesterday: "The brothers have been released without charge which suggests that SFO may not have found evidence against them. In fact there exists a possibility that the Tchenguiz brothers could succeed with their claim for misrepresentation against Kaupthing for their losses."

http://www.independent.co.uk/news/uk/crime/fraud-probe-sees-tchenguiz-miss-party-2239766.html

Submitted by andie531 on Sat, 2011-03-12 17:28

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