Iceland bank crisis 'costs entrepreneur £1bln' - GoFuckYourself.com

xmas13 · 10-09-2008, 11:13 AM

http://afp.google.com/article/ALeqM5...Xfb-PdysSqdbqA

LONDON (AFP) ? Britain-based entrepreneur Robert Tchenguiz lost one billion pounds in 24 hours as the Icelandic banking crisis forced him to offload big stakes in British groups, the Financial Times said Thursday.

Iranian-born Tchenguiz sold stakes in supermarket chain J Sainsbury and pubs group Mitchells & Butlers at a loss of 1.26 billion euros or 1.73 billion dollars as the British unit of ailing Icelandic bank Kaupthing called in loans, the FT said.

Financial authorities revealed Thursday that Iceland's government has nationalised Kaupthing, the country's biggest bank, as the credit crunch had left it on the brink of collapse.

According to the FT, Tchenguiz lost up to 600 million pounds after selling 10 percent of J Sainsbury, Britain's third biggest supermarket chain. He also lost about 400 million pounds after divesting a 25.7-percent stake in Mitchells & Butlers. The deals took place over Tuesday and Wednesday.

The business daily added on Thursday that Tchenguiz had become one of the biggest individual casualties of the credit crunch in Britain.

John. · 10-09-2008, 11:32 AM

ouch....

Rodent · 10-09-2008, 11:37 AM

If he has that much in stock i would like to hope he has a nice chunk in other things.
But regardless.....ouch is right

kmanrox · 10-09-2008, 12:00 PM

i lose billions every day and dont sweat it, hah!

- Jesus Christ - · 10-09-2008, 12:04 PM

. <--- worlds smallest violin

10-09-2008, 11:13 AM	#1
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	Iceland bank crisis 'costs entrepreneur £1bln' http://afp.google.com/article/ALeqM5...Xfb-PdysSqdbqA LONDON (AFP) ? Britain-based entrepreneur Robert Tchenguiz lost one billion pounds in 24 hours as the Icelandic banking crisis forced him to offload big stakes in British groups, the Financial Times said Thursday. Iranian-born Tchenguiz sold stakes in supermarket chain J Sainsbury and pubs group Mitchells & Butlers at a loss of 1.26 billion euros or 1.73 billion dollars as the British unit of ailing Icelandic bank Kaupthing called in loans, the FT said. Financial authorities revealed Thursday that Iceland's government has nationalised Kaupthing, the country's biggest bank, as the credit crunch had left it on the brink of collapse. According to the FT, Tchenguiz lost up to 600 million pounds after selling 10 percent of J Sainsbury, Britain's third biggest supermarket chain. He also lost about 400 million pounds after divesting a 25.7-percent stake in Mitchells & Butlers. The deals took place over Tuesday and Wednesday. The business daily added on Thursday that Tchenguiz had become one of the biggest individual casualties of the credit crunch in Britain. __________________ ICQ 557504926

10-09-2008, 11:32 AM	#2
John. Confirmed User Industry Role: Join Date: Jul 2007 Location: Europe Posts: 2,264	ouch.... __________________ Sig too old.

10-09-2008, 11:37 AM	#3
Rodent Confirmed User Join Date: Mar 2001 Location: ReliableServers.Com Posts: 1,462	If he has that much in stock i would like to hope he has a nice chunk in other things. But regardless.....ouch is right __________________ Choopa.com Colocation \| Cloud Servers \| Dedicated Servers \| CDN 1000 Gbps Network \| NJ DataCenters

10-09-2008, 12:00 PM	#4
kmanrox aka K-Man Industry Role: Join Date: Oct 2001 Location: The Gutter Posts: 29,293	i lose billions every day and dont sweat it, hah! __________________ Crypto HODLr Crypto mining Angel investor

10-09-2008, 12:04 PM	#5
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	. <--- worlds smallest violin __________________ Amen