The Mail on Sunday

Tchenguiz duo to sue in Iceland

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ONE-time property billionair­es Vincent and Robert Tchenguiz are expected to launch legal actions against the rump of failed Icelandic bank Kaupthing after their claims to be owed more than £2 billion were flatly rejected last week.

Robert Tchenguiz had claimed to be owed 127 billion Icelandic kronur (£659 million), mostly due to losses incurred when his shares in various British businesses, including Sainsbury’s and pubs group Mitchells & Butlers, were seized and sold by Kaupthing.

His brother, Vincent, had claimed to be owed £1.64 billion in damages caused by the collapse of his various business interests because of the Kaupthing failure.

But the Icelandic government-appointed resolution committee which, like a British administra­tor, is in charge of the affairs of the bankrupt Kaupthing has now rejected both claims.

A source close to the brothers confirmed that their claim had been turned down and said the only course left to them was to sue in Iceland.

Their claim, which totals £2.3 billion, is just one aspect of the tangled links between the Tchenguiz brothers and Kaupthing.

Documents leaked last year also showed that the brothers received huge loans from Kaupthing, with Robert borrowing £1.5 billion and Vincent £190 million.

Kaupthing sold Robert Tchenguiz’s stakes in Sainsbury’s and M&B as part of its efforts to recover his loan.

To confuse matters further, the brothers were also shareholde­rs in Kaupthing and Robert was also a director of another Icelandic company, Exista, which was the majority shareholde­r in Kaupthing.

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