Investec, the banking and asset management company, has won an eight-year case against entrepreneur Robert Tchenguiz who suggested that it should be held liable for some of the borrowing which he took on in the run-up to the financial crisis.
A Supreme Court ruling on Monday rejected Tchenguiz’s claim that an Investec subsidiary, Investec Trust Guernsey (ITG), had not administered his investment trust properly and could be held accountable for some of the loans which it took on to finance investments.
At its peak, the trust had borrowings of around £4bn in companies including Welcome Break and Sainsbury’s. But it came crashing down after banks, including failed Icelandic bank Kaupthing, seized the trust’s assets in 2008.
The Times adds that receivers acting for the failed Icelandic bank Kaupthing could seek to sell his £20m frescoed Kensington mansion after the judgment handed down by the Judicial Committee of the Privy Council, the highest court of appeal in Guernsey.
