Property entrepreneur Robert Tchenguiz has seen up to £1bn wiped off of his fortune in just 24 hours after he offloaded his stakes in J Sainsbury and Mitchells & Butlers.
Tchenguiz sold his 10% stake in
He was forced into the sales as his financial backer Icelandic bank Kaupthing Singer & Friedlander tried to raise cash through selling assets and scaling bank its loan exposure by calling in loans.
Kaupthing has bankrolled the property entrepreneur’s drive this year to turn his derivatives holdings in M&B into shares.
It was announced today that Kaupthing bank had been nationalised by the Icelandic government, after the
Tchenguiz spent more than £900m buying a 10.4% stake in Sainsbury in the first half of 2007.
Robert Tchenguiz’s brother Vincent told the Financial Times yesterday that his business remained safely financed.
Vincent Tchenguiz said his real estate investment business Consensus Business Group had “got financing lines to buy new businesses when the time is right”.
