Jump to content
House Price Crash Forum
ralphmalph

Breaking News - Property Developers Tchenguiz Bros Arrested

Recommended Posts

http://www.guardian.co.uk/business/2011/feb/14/kaupthing-tchenguiz-collapse

How Kaupthing's dance of debt with Tchenguiz brothers ended in £2bn ruin

At one point Kaupthing loans to the ill-fated Tchenguiz property empire were equivalent to more than half of the bank's capital base. Now each side blames the other for the collapse

Shocking.

Share this post


Link to post
Share on other sites

Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/ea83d0f8-4a2d-11e0-b802-00144feab49a.html#ixzz1G60nFT1Z

Vincent and Robert Tchenguiz, among the UK’s highest-profile entrepreneurs, have been arrested as part of an investigation into the collapse of Kaupthing, the Icelandic investment bank.

Enforcement officers from the Serious Fraud Office and the City of London police made the arrests around 5.30am on Wednesday while offices at Rotch Property, Vincent’s investment vehicle, have also been raided. The City of London police and the SFO declined to comment. Robert Tchenguiz did not return e-mails and phone calls.

EDITOR’S CHOICE

FT Alphaville: Tchenguiz bros’ office photos - Mar-09

FT Alphaville: Nicholas Levene - Has-Beano? - Mar-09

Icelandic bank's former chief arrested - May-07

Cannes conference to test global property recovery - Feb-28

Glasgow scheme for Land Securities - Mar-08

Shaftesbury to tap investors for £100m - Mar-03

Kaupthing was one of three Icelandic banks that failed at the height of the credit crunch in October 2008. Regulators and enforcement officers in Iceland and Luxembourg have been investigating the bank’s collapse.

In February last year, the former premises of Kaupthing in Luxembourg were raided by local anti-fraud authorities working together with Icelandic prosecutors. The UK’s Serious Fraud Office has also supported the Icelandic investigation.

The Tchenguiz brothers built up a financial empire specialising in property and leisure. Robert Tchenguiz once dated Caprice Bourret, the US model, and built up stakes in some of the UK’s household-name companies. He also had an empire of pubs and restaurants that has been hit by the credit crunch.

The key to his fortunes was an intrepid approach to leverage and securitisation. He was exposed to Kaupthing, causing him to lose £1bn in 24 hours when the Icelandic bank’s UK arm failed.

Kaupthing had a large operation in the UK. Many local authorities, charities and individuals lost money when the bank collapsed.

Copyright The Financial Times Limited 2011. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web

Share this post


Link to post
Share on other sites

Which famous property development pair will be next?

Depends how leveraged the Candy's are my guess is very so they'll soon be in big trouble like the Tchenguiz and Simon Halabi - who even though a bankrupt still has a Bentley with personalised numberplate natch. I knew the Tchenguiz would go bust but I'm surprised they've done anything criminal, perhaps we're beginning to see (at long last) the elite get their just desserts.

Never forget that most so-called 'billionaires' carry eye watering amounts of debt and leverage - that's why the elite love inflation so much, which is why deflation will be all the sweeter for us.

Share this post


Link to post
Share on other sites

UK's Bernie Madoff ?

An expensive Beano

A fascinating read here from 2009

http://www.telegraph...nt-for-70m.html

bno2_1504363f.jpg

One explanation offered by an insider was that the situation was comparable to Madoff, with greed playing a part on both sides of the equation: "While the returns were coming in, why would anyone complain? Ultimately it's just greed — on everyone's part."
Edited by Tankus

Share this post


Link to post
Share on other sites

Yawn, wake me up when the whole former board of directors of Northern Crack, HBOS, and of all major investment banks have been arrested for defrauding the whole global economy of trilions... now that would be newsworthy!

Share this post


Link to post
Share on other sites

Yawn, wake me up when the whole former board of directors of Northern Crack, HBOS, and of all major investment banks have been arrested for defrauding the whole global economy of trilions... now that would be newsworthy!

Indeed.

Where are the Bank of Scotland arrests and investigations?

Lord Turner? Rather than endlessly rabbit on about radical reform whilst doing nothing how about you send the SFO into the BOS offices? Useless bagman.

Share this post


Link to post
Share on other sites

Yawn, wake me up when the whole former board of directors of Northern Crack, HBOS, and of all major investment banks have been arrested for defrauding the whole global economy of trilions... now that would be newsworthy!

Remember the fuss "we" made of The Natwest Three? Someone extradited our bankers and put them on trial. Outrageous!

Share this post


Link to post
Share on other sites

Depends how leveraged the Candy's are my guess is very so they'll soon be in big trouble like the Tchenguiz and Simon Halabi - who even though a bankrupt still has a Bentley with personalised numberplate natch. I knew the Tchenguiz would go bust but I'm surprised they've done anything criminal, perhaps we're beginning to see (at long last) the elite get their just desserts.

They probably burned some other elite people who had more influence than them. Big mistake - should have went for scamming the general population like the banksters did, once you start screwing over the rich and powerful your days are numbered.

Share this post


Link to post
Share on other sites

Yawn, wake me up when the whole former board of directors of Northern Crack, HBOS, and of all major investment banks have been arrested for defrauding the whole global economy of trilions... now that would be newsworthy!

Too true but the likes of the 'Robbie and Vinnie' (they liked those names because it was gangsterish apparently) getting early alarms from the SFO is a start. Make no mistake, despite the best efforts of the elite to brush antipathy to Banksters under the rug it just isn't going away. That's why I'm convinced Banksters awarding themselves recent bonuses have totally taken their finger off the pulse of the people and it'll come back to bite them, perhaps even retrospectively in the cases of thieves like Goodwin, Applegarth and Hornby.

Here in le belle France, they'd be put on trial and their assets seized while their bankrupt 'banks' would be officially nationalised. When are the British going to wake up?

Share this post


Link to post
Share on other sites

They probably burned some other elite people who had more influence than them. Big mistake - should have went for scamming the general population like the banksters did, once you start screwing over the rich and powerful your days are numbered.

Sources have told The Sunday Telegraph that there were more investors who had problems retrieving their money from Mr Levene. Last year, one hired a private detective to track him down. After a few weeks and some tactics that the source said were "best left unmentioned" Mr Levene returned more than £40 million. "Nick's had some issues in the past," said the source. "He's the kind of guy who sometimes needs a bit of persuasion."
http://www.telegraph...nt-for-70m.html

the guys (stagecoach) who went to the SFO were left to swing

Edited by Tankus

Share this post


Link to post
Share on other sites

Yawn, wake me up when the whole former board of directors of Northern Crack, HBOS, and of all major investment banks have been arrested for defrauding the whole global economy of trilions... now that would be newsworthy!

+1. :rolleyes:

A serious and MASSIVE investigation should be made into HBOS [as it was] and all PREDATORY LIAR LOAN & Mortgage Fraud activities there under "Sir" James Crosby........

http://www.ianfraser.org/a-brief-history-of-halifax-bank-of-scotland/

http://www.ianfraser.org/examining-hbos/

http://www.ianfraser.org/former-hbos-banker-bailed-over-alleged-money-laundering/

Edited by eric pebble

Share this post


Link to post
Share on other sites

+1. :rolleyes:

A serious and MASSIVE investigation should be made into HBOS [as it was] and all PREDATORY LIAR LOAN & Mortgage Fraud activities there under "Sir" James Crosby........

http://www.ianfraser.org/a-brief-history-of-halifax-bank-of-scotland/

http://www.ianfraser.org/examining-hbos/

http://www.ianfraser.org/former-hbos-banker-bailed-over-alleged-money-laundering/

Perhaps when the 'Koalishon' get into serious trouble (ie poll numbers in the 20s) they'll launch a massive criminal investigation into the Banksters and make them personally bankrupt, so as to curry favour with the electorate. Let's hope so :rolleyes:

Share this post


Link to post
Share on other sites

Perhaps when the 'Koalishon' get into serious trouble (ie poll numbers in the 20s) they'll launch a massive criminal investigation into the Banksters and make them personally bankrupt, so as to curry favour with the electorate. Let's hope so :rolleyes:

We need to create a historical figure to prosecute the bankers - I'd go for someone like Matthew Hopkins.

http://en.wikipedia....Matthew_Hopkins

Hopkins' witch-bankster finding career began in March 1645 2011 and lasted until his retirement in 1647 2015. During that period, he and his associates were responsible for more peoplebanksters being hanged for witchcraft fraud than in the previous 100 years.

Edited by Mikhail Liebenstein

Share this post


Link to post
Share on other sites

The Tchenguiz yacht in Cannes. Love the name - perhaps they couldn't spell 'Hubris'?

Twatpic LINK

I note that boat is registered in George Town in the Cayman Islands..... Probably yet another tax fraud somewhere <_<

Share this post


Link to post
Share on other sites

I love the opportunity to say I thought as much (and no apologies for being a self-promoting twit - I'm in good company on here).

From what I've read about him he has a lot of gearing.

He could be very exposed to falling solvency.

I wonder if it's possible to get odds on him going bust in the next 12 months?

Redwing February 2008 Post no 6

Might also keep an eye on this Tchenguiz fellow.

I remember quite a few over-leveraged businesses in the 80s going base over apex. iirc one of the big ones was an Aussie called Bond who borrowed huge sums to take over breweries and some media. Lost the lot.

This Tchenguiz is going the same way imo.

Redwing April 2008post no 40

I'm just surprised he's managed to keep his balls in the air this long.

Share this post


Link to post
Share on other sites

They did a story on this on BBC news at 6. Perhaps 2-3 minutes and all. A pretty meaty piece by all accounts.

Didn't mention the word 'property' once.

Says it all really.

It would be like them doing a similar story on the Glazers - and not mentioning Man Utd at least once.

Sometimes the BC VI stance is quite ridiculous. Can't have the people hearing chat about people going tits up - and property - in the same sentence.

Can we....:angry:

Share this post


Link to post
Share on other sites

I love the opportunity to say I thought as much (and no apologies for being a self-promoting twit - I'm in good company on here).

Redwing February 2008 Post no 6

Redwing April 2008post no 40

I'm just surprised he's managed to keep his balls in the air this long.

Here is his gearing. He is a billionaire, no he is not he only put in 2mill.

Tchenguiz_Kaupthing_Wikileaks.png

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.