The Serious Fraud Office will continue with its probe of property tycoon Vincent Tchenguiz after the agency conceded on Friday that there were errors in a search warrant obtained against him earlier this year.

We presented Mr. Tchenguiz with a letter conceding that there were some errors in the initial search warrant that related to our visits to his premises, said David Jones, an SFO spokesman.

But he said investigation would continue.

The SFO obtained search warrants against Tchenguiz while looking into the collapse of Iceland's Kaupthing Bank, in which his brother Robert was a shareholder, and briefly detained both men after a police raid of their London offices in March.

Vincent Tchenguiz, one of Britain's best known property entrepreneurs, contested the legitimacy of the warrants in a judicial review action in May, and his company Consensus Business Group said on Thursday it had been told by the SFO the warrants would be quashed.

Jones declined to comment on the nature of the errors in the process, citing confidentiality issues.

The SFO served Tchenguiz with a notice requesting the delivery of certain evidence so the SFO investigation could continue after the holidays, Jones said.

A spokesman for Consensus Business Group said a continued investigation would be a fishing expedition.

They're going to go trawling through papers looking for something that isn't there. We're perplexed, he said.

In September, Tchenguiz reached a confidential settlement with Kaupthing after pursuing civil claims against the bank worth around 1.5 billion pounds.

(Editing by Jane Merriman)