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It's chilly again in Iceland

17 March 2011

Property tycoons Vincent and Robert Tchenguiz hit the headlines earlier this month when they were briefly arrested and questioned by British police about their role in the failure of Icelandic bank, Kaupthing.

The Tchenguiz brothers were yesterday granted permission by the High Court to sue Kaupthing Bank for one billion damages following the banks failure to block the claim on the grounds that the English court did not have jurisdiction to hear it.

The brothers had also brought claims in the Icelandic courts which had been thrown out.

The result may be a victory at great cost for the brothers, as the Icelandic bankruptcy courts may refuse to recognise an English judgment on the validity of the brother’s claims.

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