On 2nd June 2008 The Serious Fraud Office finally abandoned its long running investigation into allegations against Vuk Hamovic of foreign bribery and corruption; a case which had been set to be the first prosecution of its kind following the abandonment of the BAe investigation.
Ben Rose, who has represented Mr Hamovic throughout said:
“I am delighted with this result. Mr Hamovic is a highly able and widelyrespected businessman. He has performed an invaluable role in the reconstruction of Balkan energy infrastructure. While his affairs have been the subject of detailed scrutiny by authorities in Bosnia and the UK he has consistently provided co-operation above and beyond that required of him.
Despite the lack of evidence and the insurmountable legal problems the SFO pursued this investigation for four years and were only stopped on advice from senior independent counsel instructed by the Attorney General.
This is the right result but it is an indictment of the SFO that it has taken so long and so much public expense to arrive at this conclusion. It serves neither justice nor business that investigations of this type are so protracted. The unjustified delay in ending this case again highlights the need for radical reform of the SFO prosecutorial process.
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