Vincent Tchenguiz challenges ruling he cannot sue collapsed Icelandic bank Kaupthing

 

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The Independent Online

Vincent Tchenguiz is planning to appeal against a court ruling that he cannot sue the collapsed Icelandic bank Kaupthing in the UK.

However, the property tycoon won the right to proceed in the UK courts with his damages claim against one of the lawyers involved in winding up the bank.

Mr Tchenguiz launched a £2.2bn claim in November against the Icelandic lawyer Johannes Runar Johannsson, as well as the bank itself and its liquidators, alleging they were unlawfully involved in the Serious Fraud Office’s flawed investigation into his and his brother Robert’s finances. All deny the allegations against them.

Mrs Justice Carr ruled in favour of Kaupthing’s argument that the only court which can hear a claim against an insolvent Icelandic bank is in Iceland, because of an Icelandic insolvency law.

Mr Tchenguiz said: “The court has recognised that my claims relate to matters perpetrated in England and are therefore rightly to be tried and decided by the English courts... I intend to seek permission to appeal to ensure Kaupthing is also brought to trial in England.”

Mr Johansson “emphatically” denied he was involved in any conspiracy or other wrongful act alleged by the lawsuit. Kaupthing welcomed the judgment and said it will now seek to recover its legal costs.

The brothers won multimillion pound damages and public apologies from the SFO as a result of its botched investigation, which was linked to the collapse of the bank.

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