The Serious Fraud Office (SFO) spent £1.3m on its ill-fated investigation into the collapse of Kaupthing Bank, a Freedom of Information (FoI) request has revealed.
The amount is in addition to any compensation the SFO may have to pay to Robert and Vincent Tchenguiz, the brothers arrested but never charged in connection with the Kaupthing investigation, according to The Times.
The SFO's probe into the demise of the Icelandic bank in 2009 collapsed last year after a series of mistakes. These included search warrants giving rise to dawn raids on the homes of the Tchenguiz brothers being declared unlawful in the High Court.
According to information gleaned by The Times via its FoI request, the SFO has already spent more than £1.3m over the past four years on contract staff and barristers for the case.
It said it had used eight contractors at a cost of £729,000, while another £417,000 was paid to barristers. The amount also includes the salaries of permanent staff who worked on the case.
A spokesperson for the SFO told The Times: "Discontinued investigations are part of the mix for any criminal agency. Naturally, costs are incurred along the way. And the SFO handles the heavy and complex cases that no one else wants to do or can do."
Vincent Tchenguiz (pictured) is seeking a reported £180m in damages from the agency, while his brother is seeking unspecified damages. A trial has been scheduled for early next year.
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