Editor in Chief AccountingWEB
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Grant Thornton caught up in SFO damages claim

7th Feb 2013
Editor in Chief AccountingWEB
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Businessman Vincent Tchenguiz lodged papers at the High Court this week claiming £200m in damages from the Serious Fraud Office for a range of misdeeds including malicious prosecution, trespass, false imprisonment and misfeasance in public office.

The case has already gained notoriety in the press and legal circles after the High Court set aside SFO search warrants against Tchenguiz and his brother Robert that were raised during an investigation into the collapsed Icelandic bank Kaupthing, which had lent significant sums to the Tchenguiz brothers. The warrants were quashed due to misrepresentation by the investigators.

Grant Thornton was appointed by the bank’s creditors to recover missing funds, and the accountancy firm’s reports were key to the SFO’s original investigation.

According to The Daily Telegraph, which has followed the case extensively, Tchenguiz’s latest claim alleges that the SFO did not tell the court about the potential conflicts of interest in the Grant Thornton information that was used against him and his brother.

AccountingWEB’s Mad Lemming blogger, Jeff Lampert, has also been following the case, and drew parallels to the Tchenguiz brothers’ experiences and his own as chairman of Heritage plc, which was put into the hands of Grant Thornton administrators in 1995. At both companies, questions were raised about questionable inter-company loans and the firm was alleged to be less than transparent in its dealings with the businesses and their creditors. Further allegations were raised by Tchenguiz’s solicitors in a letter to Grant Thornton now circulating online.

“This could have been avoided. The ICAEW should have been aware of Grant Thornton’s behaviour and the FSA has refused to release a report to me on the firm’s activities at Heritage plc,” said the blogger. “Now the taxpayer could be facing a £200m bill.”

Replies (5)

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By toyboy
09th Feb 2013 12:08

FSA and Jeff Lampert

The FSA are a disgrace.

If he lives long enough, Jeff Lampert will be proved right about Heritage PLC.

But so what?

Jeff's mindset has been so traumatised that he had to recently go to the Far East to learn the best Meditation techniques to try to prevent a full nervous breakdown occurring.

It is time to swith off the subject and just say: "C'est la Vie".



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By jefflcbba
09th Feb 2013 15:05

Far East


Not sure who you are, but you are not mine!

My trip to Jindal Naturecure (India) was to try and cure hypertension (in the West we "keep on taking the pills")

I left Jindal two weeks later, with exactly the same blood pressure, but NOT taking two pills a day.

I also lost some 12kgs, and brought my BMI Cholestrol and Diabetes levels down to those that I had twenty years ago!

Since I have been back I have kept off most of the weight, and had my blood checked, and it is pretty much as it was when I left Jindal. I am also a "flexitarian", walk regularly and take intermittent yoga lessons.

If that is all due to me waging war against Scott Barnes it is a very distinct plus, and maybe I owe him a thankyou?

For the record I consider "tenacity" to be the most important ingredient in any business person, and it is a quality I have always admired and aspired to.

Perhaps I am finally getting there?




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By toyboy
09th Feb 2013 19:40

Jeff Lampert: Your words make MY point much clearer than I did

One friend watcheth for another and the honester the friend being watched over the worse is his luck.

I repeat: It is time to swith off the subject and just say: "C'est la Vie". 

God is no botcher and never pays his debts with money.

Romans 12:19 - Bible New International Version: "Do not take revenge, my dear friends, but leave room for God’s wrath, for it is written: "It is mine to avenge; I will repay",says the Lord."

He that goes to LAW holds a WOLF by the ears because LAW catches FLIES but lets the HORNETS go free.


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By jefflcbba
10th Feb 2013 08:56

Last Word?





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By Grabthorn
22nd Apr 2013 09:16

Keeping up the fight against sociopaths in power


 What a POSH blog !!!!

It also says somewhere in the bible 

That those who fight evil are doing Gods work

More power to you Jeff


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