We are delighted to be able to report that another key part of the Tchenguiz property portfolio has collapsed into administration.
This time it is his ownership of the freeholds for 10 Hilton Hotels around the country (including the massive Kensington Hilton)
Over the past few years his "Can't go wrong, honest Guv" scheme has gradually unravelled . His setbacks can be traced back to the Icelandic bank crash, his failure to get the compensation demanded from the failed SFO action, exposure to widespread publicity and proof that his assets were unsustainably over valued.
He used income from Peverel(Firstport) to finance his property deals, which is why in such large measure is the reason Peverel/Firstport became such a corrupted company.
And today (however much they try to spin it0 the legacy of the Tchenguiz rule is that Firstport value their assets at £62,000,000, whilst their liabilities are an astonishing and unsustainable £97,000,000. If their assets are just 20% over valued that puts the true valuation at £49,600,000. and increases the net negative valuation of the company to £- 47,400,000.
Firstport's interest debts are being compounded by at least £5,000,000 every single year.They also have to find £1,000,000 in cash every six months to pay down their RBS borrowings.
