Yahoo Finance Robert Tchenguiz has eight-year case against Investec dismissed
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 Mr 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.
A spokesman for Investec said: “We have always maintained that the claims are baseless and successive courts have rejected them.
“We wish to make it clear that, in its former role as trustee of the Tchenguiz Discretionary Trust between 2007 and 2010, ITG fulfilled its duties professionally and with integrity.”
Mr Tchenguiz cannot appeal the ruling, potentially paving the way for creditors, including those of Kaupthing, to make claims against the trust.
