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Business News

Vincent Tchenguiz ends High Court battle


Billionaire property magnate Vincent Tchenguiz and a former friend today ended hostilities nearly a week after engaging in a multi-million High Court battle, lawyers said.

Mr Tchenguiz and businessman Keyvan Rahimian were "settling financial scores" following the breakdown of their friendship, a judge was told at the start of a High Court trial in London on March 7.

Lawyers said Mr Rahimian claimed to be owed about £6.7 million as a result of a "myriad of dealings" over two decades. Mr Tchenguiz disputed the claim and said he was owed nearly £2 million, Mr Justice Arnold heard.

But the trial was today halted and lawyers said the two men, who were both born in Iran but live in the UK, had agreed terms of settlement. A spokesman for Mr Tchenguiz said all parties had withdrawn all allegations.

Mr Rahimian had told the judge that he and Mr Tchenguiz had been childhood friends and regarded each other as "akin to brothers" before their relationship came to an "abrupt end" in 2008.

Lawyers had told the judge that Mr Rahimian was suing Mr Tchenguiz and two companies owned and controlled by Mr Tchenguiz - Vincos and the Rotch Property Group.

They said Mr Rahimian's claims related to his involvement in a mortgage lending business, the acquisition of motorway service businesses owned by Welcome Break, the creation of office computer systems and share buying.

Mr Tchenguiz claimed to be owed money from share trading ventures.