Tchenguiz and his detectives call off lawsuits

 
Marion Dakers
ERTY

ERTY tycoon Vincent Tchenguiz has settled a tangled set of lawsuits with Black Cube, the intelligence agency he hired to assist him while he was under investigation by the Serious Fraud Office (SFO).

Black Cube and Tchenguiz had been due in court today to argue over the detective firm’s £330,000 claim for alleged breach of contract.

Tchenguiz, meanwhile, had lodged a case in Israel that claimed Black Cube billed him for work that was not carried out.

Black Cube yesterday said in a statement “the disputes have now been settled through a third party dispute resolution process”, though the terms of the settlement were not made public.

Black Cube lists one of its services as “supporting and financing litigation procedures against business rivals” and counts Israeli military reservists among its staff.

It was reported last week that Tchenguiz ejected Black Cube staff from his offices and home amid claims of fraud, allegations that the firm denied.

The Tel Aviv-based company was working with Tchenguiz during a number of legal disputes including his fight to clear his name with the SFO last year.

The SFO dropped its case against Tchenguiz and his brother Robert last summer, and both are suing the agency for a total of £300m. These cases are due to be heard next year.

The SFO’s investigation centred around the brothers’ investment in failed Icelandic bank Kaupthing.

Black Cube hired lawyers at business crime specialist Peters & Peters to advise it during the cases.