Court victory puts Tchenguiz brothers closer to huge damages win over SFO

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The hearing, which will take place over three days in early May, is likely to see the Tchenguizs claim "aggravated and exemplary" damages substantially higher than the £100 million that had earlier been suggested.

Judge Lord Justice Thomas, who has criticised the SFO in previous cases, said the judicial review should look at the entire conduct of the enquiry into Vincent and Robert Tchenguiz. Vincent is one of the country's largest landlords. Robert was the largest shareholder and a major creditor of collapsed Icelandic bank Kaupthing.

The SFO admitted that it had misled courts both in obtaining search warrants and not releasing seized documents and items when ordered to do so. It admitted it may have "miscast" evidence.

Lord Goldsmith, the former Attorney General, appeared for Vincent Tchenguiz at the hearing.

The judge told the SFO that individual officers would, unusually, have to file sworn statements before the judicial review, and could expect to be cross-examined.

The raids and detention of the two brothers took place in March last year on the day both were due to fly to Cannes to host a party on their yacht at the annual property fest MIPIM.

The head of the SFO enquiry into the Tchenguizs quit just two weeks after the dawn raids. The law agency said Mick Randall had been planning to join the private sector for some time and his departure had nothing to do with the case.

In December the SFO was forced into an embarrassing climbdown admitting the warrants should be quashed and returning thousands of documents and items seized during the raids.

At the time, Vincent Tchenguiz, accused the SFO of conducting a "fishing expedition".