Agreement reached between Kaupthing, Tchenguiz Family Trust, Vincent Tchenguiz and others
Kaupthing ehf. (“Kaupthing”), Rawlinson and Hunter Trustees S.A. (in its capacity as trustee of the Tchenguiz Family Trust) Vincent Tchenguiz, Vincos Limited and Euro Investments Overseas Inc. (the “TFT Claimants”) have reached an agreement concerning legal proceedings brought before the English Commercial Court in late November 2014, for payment of GBP 2.2 billion, by the TFT Claimants against Kaupthing, Jóhannes Rúnar Jóhannsson, Grant Thornton UK LLP, Stephen Akers and Hossein Hamedani (the “Defendants”). Kaupthing is no longer a party to the proceedings but the case continues against the other Defendants before the English Court of Appeal.
As a result of the agreement:
(i) The TFT Claimants will discontinue the proceedings commenced in 2014 before the English Commercial Court against the Defendants;
(ii) The TFT Claimants will withdraw their claims filed in November 2016 in the liquidations of Oscatello Investments Limited and its Subsidiaries; and
(iii) Kaupthing agrees to make certain payments to the TFT and will release a loan to, and security provided by, the TFT. The values of these amounts are confidential.