Grieve orders probe into SFO
MINISTERS have ordered an inquiry into the running of the Serious Fraud Office following the collapse of a string of major investigations.
The review, which will begin next month, will be carried out by the head of the Crown Prosecution Service Inspectorate and will look at SFO cases and how it chooses investigations.
Dominic Grieve, the attorney-general, ordered the probe following sustained criticism of the SFO. In December it was forced to hand back documents seized in a dawn raid on Vincent Tchenguiz’s offices, part of its probe into the collapse of Kaupthing.
Edward Garnier, the solicitor-general, and Mike Fuller, the head of the CPSI, are expected to visit the SFO today. Richard Alderman, director of the anti-fraud body, retires this year but David Green, his successor, is believed to be happy with the review.
A spokesman for the attorney-general’s office told City A.M. an inquiry would be “useful”.
“There is no statutory requirement for the SFO to be inspected but it is sensible for HMCPSI to undertake one. Inspections are routine for many criminal justice agencies.”
The SFO has dropped several cases over the last two years including probes into failed hedge fund Weavering Capital, AIG Financial Products’ UK operations and fraudster Bernard Madoff’s UK firm.