The SFO/Tchenguiz case has been settled in a manner that was predicted by contributor M. Epstein some time ago. Tchenguiz has accepted £3m plus another £3m in legal costs from the SFO.
Considering Tchenguiz blamed the actions of the SFO for the collapse of his business (which had been believed to be valued at £3b) and that Tchenguiz was going to "butcher his enemies" the settlement of £3m is peanuts. Amounts vary widely between £200m - £300m as to the amount Tchenguiz was claiming.
That he needed the £200m -£300m to get back in the game is undeniable.
That the case is over now means the banks who effectively control the Tchenguiz assets are now free to dispose of them in an ordered fashion. This will have a major impact on the future management contracts (assuming they ever had them) of Peverel.
This agreement, however it is spun in the media is a disaster for Tchenguiz in the short term and a disaster for Peverel in the longer term.
