The spectacle of Vincent Tchenguiz publicly falling out with his team of former Israeli intelligence operatives has come to an end, with the latter describing themselves as “very happy” with the settlement.
Black Cube launched an action against Tchenguiz in the UK for £330,000 plus interest for work carried out for the tycoon following his arrest by the Serious Fraud Office in March 2011. It also claimed that it should have been paid one per cent of any successful litigation initiated by Tchenguiz and have a cut in a movie deal about Tchenguiz’s arrest.
Details about “Tchenguiz: The movie” are tantalisingly sketchy, however.
The tycoon, who controls one per cent of residential freeholders and used to own Peverel, the country’s largest property manager, is after £300 million compo – with his brother Robert – from British taxpayers.
Last week, in the House of Commons Sir Peter Bottomley, Tory MP for Worthing West, said: “I would have thought that a handshake and an apology would solve that,” adding ominously that “A whole series of other issues should, I believe, be fully examined under parliamentary privilege.”
The statement from Black Cube reads:
“Black Cube has withdrawn its proceedings in England against Vincos [the company that advises the Tchenguiz Family Trust] and Vincent Tchenguiz. Vincos has withdrawn its proceedings in Israel against Black Cube. The parties disputes have now been settled through a third party dispute resolution process. Neither party will make any further comment.”
Avi Yanus, chief financial officer of Black Cube, was asked whether he was happy or very happy with the settlement. “Very happy,” he replied.