Observer 29 Apr 12: Vincent Tchenguiz vs SFO: the bank, the brothers… and the mistakes

Category: Newspaper & Media Reports

The collapse of Icelandic lender Kaupthing has prompted a long, complex and legally fraught clash between the agency and the property tycoon.

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In his fightback against the SFO raids, lawyers for Tchenguiz have told the courts: "The SFO have caused serious and ongoing disruption to the operation of companies associated with Vincent Tchenguiz ... By way of example, lines of credit have been disrupted, adversely impacting the group's ability to trade. The [Tchenguiz Family Trust] group has been forced to enter into a process of a £2bn restructuring and sales of its core business."

But while Lord Goldsmith tells the high court there is nothing at all out of the ordinary about Tchenguiz's dealings with former Kaupthing bosses, it is clear that this is most definitely not the view put forward by administrators acting for the bank's creditors in their battle last year with the property tycoon in the civil courts.

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