Tycoon Robert Tchenguiz ‘financially raped’ when judge ordered him to pay £1.3m after losing legal spat with online trading firm CMC
Tycoon Robert Tchenguiz claimed he has been ‘financially raped’ when a judge ordered him to pay £1.3m after losing a legal spat with online trading firm CMC.
The flamboyant investor suffered defeat in a lawsuit over debts racked up during the pandemic.
Flamboyant: Tycoon Robert Tchenguiz (pictured with sister Lisa)
Tchenguiz took a more than 4 per cent stake in First Group in 2019 using money borrowed from five traders, including CMC.
When Covid struck and the value of the transport firm collapsed, CMC closed Tchenguiz’s account and asked for him to pay up. Tchenguiz, 62, argued CMC was wrong to ‘unilaterally’ close his account.
But Judge David Elvin said Tchenguiz does ‘not seem to have been concerned to read the warnings he was given’. Elvin ordered Tchenguiz to pay CMC £1.3m.
Tchenguiz, who plans to appeal the decision, said: ‘I was very disappointed with the court’s decision. We are being financially raped – the traders are opportunistic and when we are at our most vulnerable, they take full advantage of us.’