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Robert and Vincent TchenguizBusinessmen of Tehran-Iranian origin.
Date of Birth: 09.09.1960
Country:  Great Britain |
Content:
- Early Life and Family
- Business Ventures and Acquisitions
- Financial Crisis and Recovery
- Serious Fraud Office Investigation
- Kaupthing Loan Controversy
- Legal Proceedings and Allegations
- Legacy and Impact
Early Life and Family
Robert and Vincent Tchenguiz are Iranian-born businessmen who emigrated to Britain from Tehran in 1979, after the overthrow of the Shah. Their father reportedly changed their surname from Kedorie to Tchenguiz.
Business Ventures and Acquisitions
The Tchenguiz brothers acquired significant stakes in several major companies, including Sainsbury's, SCI, and Mitchells & Butlers. Robert Tchenguiz also launched his own investment firm, R20, in 2003, partnering with Guy Dellal, son of well-known financier "Black Jack" Dellal.
Financial Crisis and Recovery
The 2008 financial crisis hit the Tchenguiz brothers hard, and they were forced to liquidate most of their assets. Robert Tchenguiz focused on rebuilding his position, investing heavily in the software company Asite Ltd.
Serious Fraud Office Investigation
In March 2011, Robert and Vincent Tchenguiz were arrested in London by the Serious Fraud Office (SFO) as part of a joint investigation with Icelandic prosecutors into the collapse of the Icelandic bank Kaupthing. The brothers' offices were searched, and seven other individuals were arrested in the UK and Iceland.
Kaupthing Loan Controversy
The investigation centered around a loan of £1.25 million that Robert Tchenguiz had borrowed from Kaupthing shortly before the bank's collapse. He used the money to purchase shares in Sainsbury's and Mitchells and Butlers, companies in which he had previously held significant stakes. Robert Tchenguiz also owned shares in Kaupthing Bank.
Legal Proceedings and Allegations
The Tchenguiz brothers have denied any wrongdoing and asserted their cooperation with the authorities. They subsequently initiated a legal case against Kaupthing Bank, alleging "deliberate deception" and seeking damages of £1.8 billion. The brothers accused the bank's management of misrepresenting its financial health, preventing depositors from taking steps to mitigate their risks.
Legacy and Impact
The Kaupthing investigation was a major undertaking by UK and Icelandic authorities aimed at addressing concerns about large-scale financial irregularities. The Tchenguiz brothers' involvement in the case has raised questions about their financial practices and the role of high-profile individuals in the global financial system.
