Vincent Tchenguiz Drops Kaupthing Damages Case Skip to content

Vincent Tchenguiz Drops Kaupthing Damages Case

British investor Vincent Tchenguiz has made an agreement with the winding-up committee of the defunct Icelandic bank Kaupthing to abandon his claim for damages. A statement from Tchenguiz says the decision benefits everyone.

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Copyright: Icelandic Photo Agency.

The statement includes that funds belonging to Tchenguiz’s family and his investment company Euro Group reached an agreement with Kaupthing in the UK and Iceland, mbl.is reports.

Tchenguiz had estimated his damages claim to be GBP 1.5 billion (ISK 276 billion, USD 2.4 billion, EUR 1.7 billion); it had been the subject of court proceedings both in Iceland and the UK.

Earlier this year it was made public that an investigation launched by the British Serious Fraud Office (SFO) into the loans granted by Kaupthing involved Tchenguiz and his brother Robert. They were both questioned by the SFO in March.

Allegedly, Vincent Tchenguiz was questioned because he had borrowed part of his assets to improve his brother’s collateral position towards the bank.

According to Morgunbladid’s sources at the time, the SFO’s investigation into the affairs of Robert Tchenguiz was mostly directed toward his apparent unlimited access to loan capital from Kaupthing.

A statement released by the resolution and winding-up committees of Kaupthing on Monday confirms that all claims made by Tchenguiz Family Trust on behalf of Kaupthing have been dismissed following an agreement between the two parties.

However, the agreement only involves the court procedures launched by Vincent Tchenguiz and not those of his brother Robert.

Click here to read more about the SFO’s investigation, the Tchenguiz brothers and Kaupthing.

ESA

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