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A U.K. case against Canadian-British billionaire Victor Dahdaleh collapsed Tuesday, clearing the tycoon of allegations he bribed senior officials at Aluminium Bahrain BSC, known as Alba.

The Serious Fraud Office dropped the case after concluding there was no realistic prospect of conviction. The case fell apart after a key witness changed his story and two American witnesses refused to take part.

The collapse of the case will be embarrassing to the SFO, which is seeking to rebuild its reputation under new leadership.

Dahdaleh is the chairman of metals and chemicals firm Dadco and has been active in politics on both sides of the Atlantic.

Dahdaleh also served as the past president of the Canada-United Kingdom Chamber of Commerce, an honour that gave him a place at the table when Queen Elizabeth II queen and her husband Prince Philip attended a dinner at the Canadian High Commission in London in 2005.

He has also contributed to the London School of Economics and McGill University in Montreal.