04 October 2014
More Bad News For The Tchenguiz Brothers
10 years ago the value of the Vincent and Robert Tchenguiz assets were put at £4.5b.
Current estimates put the asset value at £850m.
The banks are forcing a sell off of the Tchenguiz assets, despite making large losses. One sale of the Welcome Break Service Areas,(that belonged to Robert Tchenguiz) cost RBS £80m.
Apart from the certainty of even bigger losses for the banks if they hold off from selling until after Tchenguiz companies are forced into liquidation (2016 being a key date), the banks are motivated by the fact that under the "stress tests" they have to undertake, their liquidity has to be increased. It is thought that up to December 2013, RBS alone, had around £63b of at risk property lending on their books.
