Tycoon Tchenguiz in new battle as Covid derails train fortune

HE LIVES life in the fast lane whether at the wheel of his Ferrari F40 sports car, or aboard his 160 ft yacht, My Little Violet.

But irrepressible property tycoon Robert Tchenguiz seems unlikely to have too much time in which to gallivant around the globe in 2021. He has, I can disclose, just become the subject of a High Court claim brought against him by City broker Intertrader.

The company, which filed the claim this week, was one of several City firms from which Tchenguiz borrowed millions of pounds in a series of complex deals.

The 60-year-old, who shares the fourth floor of his £ 20 million Kensington mansion with his mistress, 30-year-old Julia Dybowska — while his estranged American wife, Heather Bird, 51, sleeps three floors below — used the money to invest in FirstGroup, owner of Great Western Railway, South Western Railway and the TransPennine Express.

At first, his investment strategy seemed impeccably judged. His shareholding rose in value to between £70 million and £100 million as FirstGroup’s shares traded between 90p and £1.30. But then the Covid-19 struck, causing the firm’s share price to collapse, slumping, at one point, to just 28p. Now comes the battle over who will foot the bill.

Or battles: Intertrader’s new legal action comes barely a month after Tchenguiz learned that he faces another High Court assault from spreadbetting group CMC, which claims he built up a £1.131 million debt.

In an initial hearing for that case, which is scheduled to begin in May, Daniel Saoul QC, CMC’s barrister, said that Tchenguiz had accounts with five other spread betting companies, all showing a loss — and ‘ one of them may be up to £30 million’.

Tchenguiz, once named ‘Property Entrepreneur of The Year’, is vigorously defending the claim, and is countersuing CMC.