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Abramovich legal threat over Irish bank bailout
Business Digest: Russian's asset company Millhouse ‘misled’ and ‘deceived’
Roman Abramovich's asset company Millhouse has warned Ireland of legal action after Brian Lenihan, the Irish finance minister, said that he wants bondholders to foot part of the bill for a planned bailout of Irish Nationwide Building Society (INBS).
Millhouse LLC would be amongst the first in line to shoulder INBS's financial burden if Lenihan gets his way, after buying an unspecified amount of the £126m in subordinated bonds issued by INBS in August 2009, the guarantee of which ran out on October 1.
In a statement to the Daily Telegraph, a spokesman for Abramovich, the billionaire owner of Chelsea football club, said: "We bought the bonds because the Irish Government...promised to guarantee these bonds and promised to have a strategy for the bank. A year later there is no guarantee and no strategy. We have been misled and deceived."
Read a full report at the Daily Telegraph ·
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So he bought bonds in an effort to make money, the bonds are now worthless, the cheek of the Irish Government to ask him to shoulder some debt! Roman expects the Irish people to give him a risk-free investment, I,for one, say no! If I bought a lottery ticket and didn't win, could I ask for a refund? These sort of bullyboy tactics are becoming more prevelant as money men struggle to keep their promises to their customers having lost millions for them already.