£1 Billion Tchenguiz Court Claim Proceeds, says Judge

Vincent Tchenguiz said that he was "delighted" by news of the decision and issued the following statement, "As a direct result of Kaupthing’s actions, the relationship between the Claimants and its other financing counterparties has been gravely compromised since 2008.  The result has been that the Claimants have suffered massive losses which have continued to grow whilst Kaupthing refused to recognise the legitimacy of the claim.  The Resolution Committee of Kaupthing was expressly warned of the likely consequences of its actions, but Kaupthing chose to ignore these warnings.  The Claimants are, therefore, vigorously pursuing  compensation for the losses caused by Kaupthing to their business and this Judgment takes them one step further towards justice."

 

The holding companies behind managing agents, Peverel, recently went into administration to the concern of its many thousands of leaseholder-customers and employees.