Tchenguiz brothers, Serious Fraud Office and Kaupthing

The company Investec Trust Limited, registered on the island of Guernsey does a 127 billion ISK demand, or damages claim to the Kaupthing estate. Another company called Euro Investments Overseas registered on the Virgin Island of Tortola (the fund is owned by The Tchenguiz Family Trust) does a similar demand, but for 317 billion ISK. According to media reports those two funds are owned by Robert and Vincent Tchenguiz. Total demands are 440 billion ISK.

As the biggest “client” of Kaupthing, Robert Tchenguiz was a close business partner of the owners of the bank. He also had a large share in the company Exista, and was a board member of that same company. Exista was the biggest shareholder of Kaupthing.

The brothers also got the biggest loans from Kaupthing, and according to the famous Wikileaks documents that leaked out from Kaupthing, they got a little more than 280 billion ISK in loans from the bank. robert T

Euro Investments Overseas Inc was registered in Iceland mid 2008, that made the company ready to start banking in Iceland. The company was registered in the Kaupthing HQ and the bank was also registered as the companies agent.

This all sounds very strange. They are definitely on both sides of the table. And according to Iceland Talks sources the Serious Fraud Office in England allegdly believes that the brothers, or at least Robert Tchenguiz was the mastermind of most of the dubious business affairs of Kaupthing, and they are investigating him and the bank from that viewpoint.

The serious implications are still the ones that concern the New Kaupthing bank as the shareholders now get to own the bank. Now they might own a large portion of the bank they bled dry and took the money to some offshore tax haven. It has to be looked at by the Special prosecutor and the SFO. Lets hope that justice and common sense prevails.

UPDATE: Since this was written, the RUV newsroom reported yesterday that Arion (New Kaupthing) will not be in the hands of the brothers. Other stakeholders have a more direct and legit claim to ownership according to the deal made with the Icelandic government.

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