BCL partner Shaul Brazil is quoted by CityWealth Financial crime titled ‘Financial crime – Tax schemes and investigations’ discussing the investigation into Robert and Vincent Tchenguiz.
Here’s an extract from the article:
“The ultra-wealthy will often find themselves subject to additional scrutiny simply by virtue of being who they are. More recently though the affluent have also found themselves dropped in a hole as tax schemes once thought of and encouraged by “professionals” and peers suddenly turn into scorched earth. Citywealth’s April French Furnell spoke to those specialising in advising UHNW clients on financial crime and tax issues to gain an insight into how UHNW’s can limit their exposure.
In the worst case, UHNW individuals might find themselves subject to a criminal investigation, said Shaul Brazil, a partner at BCL Solicitors. “Following the financial crisis in 2008, for example, the SFO commenced a number of investigations into the business dealings of UHNW individuals who had accumulated highly leveraged positions, which contributed to significant losses by financial institutions. The investigation into Robert and Vincent Tchenguiz is a prime example. In that case, the SFO conducted well-publicised raids and arrests but was ultimately shown in judicial review proceedings to have wholly misunderstood the relevant transactions.””
This article was originally published by CityWealth on 7th October 2019. You can read the full version here.