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You are here: Home / News / Tchenguiz gets a reprieve from Lloyds Bank

Tchenguiz gets a reprieve from Lloyds Bank

July 9, 2013 //  by Sebastian O'Kelly

Two weeks after telling a court it had run out of patience with Vincent Tchenguiz and was taking control of a fifth of his residential freehold assets owing to a £230 million debt, Lloyds Bank has given the tycoon a reprieve.

Its another eleventh hour change in the Tchenguiz storyline, and an abrupt about-turn for Lloyds, which had been wanting the assets handed over as a matter of urgency.

It is unknown whether the dispute concerned Tchenguiz’s retirement portfolio, which includes all the McCarthy and Stone freeholds, or other assets.

Tchenguiz owns 250,000 freeholds – the largest private portfolio in the country – and the freeholds of 15,000 homes in London.

More in the FT here

 LKP

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Category: News, TchenguizTag: Vincent Tchenguiz

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Reader Interactions

Comments

  1. Michael Epstein

    July 10, 2013 at 9:39 am

    Pure speculation on my part, but could it be that the authorities would rather no judgement was made that gave any credibility to potential claims concerning the effect of the LIBOR scandal on company borrowings?
    Could it also be, that given that Lloyds is being readied for sale, it was thought not to be appropriate to have to show a £230m property default on their accounts?
    Could it be that a buyer has been identified at the very last possible moment and Lloyds have granted Tchenguiz a very temporary reprieve to facilitate the sale?
    Could it be that the potential purchaser is such an “Establishment Figure”, that the political backlash resulting from such an “Establishment Figure” buying up freeholds out of administration will be enormous, especially if, Tchenguiz was to win his SFO case?
    Suppose it were ever revealed that the possible purchaser was related to Samantha and David Cameron?
    Now that would create a backlash! Perhaps even enough for Lloyds to be persuaded “In the national interest” to drop their action?

    • Hero De Medici

      July 14, 2013 at 12:15 am

      Michael Epstein,

      Are you sure it’s “pure speculation” on your part – or is there more to this than meets the eye?

      I find the “speculation” about a potential purchase by an “Establishment Figure” most intriguing but not surprising, we await developments with relish!

    • Hero De Medici

      July 14, 2013 at 12:36 pm

      “Oh what a tangled web we weave when first we practice to deceive”.
      Particularly the Establishment.

  2. LHA

    July 12, 2013 at 9:53 am

    I wonder if wiser head have wondered if, in the context of Mr T and (the old)Peverel et al, that such assets are might be toxic to the reputation of Lloyds, e.g a headline on some controversial issue or forfeiture case involving ” The freeholder, 20% owned by Lloyds Bank…..”

  3. Ernest Hartland

    July 13, 2013 at 9:05 pm

    I have spoken my mind in regard to the Commission Payments made to Kingsborough Insurance since Peverel took over our small estate of 8 apartments and 15 Freehold Dwellings/Link Houses the latter all being Freehold Owned! I Have spoken to a Peverel Spokeswoman and told her repeatedly that, No Way am I going to make any Budget Deficit Payments, and to add to that account Late Payments Fees and Administration Charges, well they can just whistle up a Stick! I am not paying anything over and above the Service Charge, and, I have my doubts if I will even honour that! As for calling the Old Bill when I challenge any Contractor who comes onto our Development, they can also Whistle up a Stick, as I am paying for these odious contractors, then I claim the Right to Challenge their modus operandi and the quality of any work they assume to do on the Grounds that, Peverel Sent Us! Time wasting useless people who are not worth a light if they are even Smokers, and that is the politesse way I can put it! Me? Anything to add?

  4. Michael Epstein

    July 14, 2013 at 1:14 am

    LHA,
    Charter Quay have just proved that the development was subject to enfranchisement at just 28% of the valuation given by Tchenguiz and agreed by banks that granted in loans at a time when “nothing could go wrong!).
    Therefore in the case of Lloyds bank loans, it would mean that the loan to Tchenguiz for £230m is only backed by assets of £64m. This would be the equivalent of an individual buying a £56,000 house secured by a mortgage of £200,000. Once administrators are appointed, the true values would have to be disclosed. Lloyds would have to show a £166m downgrade on their books.
    By keeping out of administration, this can still be kept off the books, which, especially at a time when the Government wish to sell LLoyds is particularly useful.

  5. Michael Epstein

    July 14, 2013 at 5:05 pm

    Hero De Medici,
    At this stage it is pure speculation as to my speculation!
    As far as awaiting developments with relish, that is fine, as long as you are not waiting for a Peverel development!

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