£1 Billion Tchenguiz Court Claim Proceeds, says Judge
March 16, 2011
by News on the Block Editorial Team
The High Court has today dismissed an application from Kaupthing Bank to strike out the claim by the Tchenguiz Family Trust for damages in excess of £1 billion from Kaupthing Bank in administration. Mr. Justice Burton explained in his judgement that the English Court has jurisdiction to hear the claim, which is subject to English law, and there are reasons why the English Court should determine the substantive rights between the parties – including liability for damages.
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.
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