The co-founder of ready meals giant Bakkavör [see the fetching tulip day float above] is being chased in the High Court for the repayment of a loan used to purchase a £12m home in Knightsbridge.
London-based Icelandic tycoon Lydur Gudmundsson is being sued over a £12.8m loan from Kaupthing Bank, which he took out in April 2006 to buy the property in Cadogan Place, London SW1.
Pillar Securitisation, one of two companies that emerged from the collapse of Kaupthing in 2008, alleges that the loan, which was secured through Gudmundsson's British Virgin Islands-based company Barello, included a personal guarantee from the tycoon.
Pillar claims that it demanded the repayment of the loan in November 2009 but has not yet received any moneys.
It is seeking a payment of £9.3m, which comprises the remainder of the £12.8m plus interest.
Gudmundsson denies that the amount is due.
In his defence, he claims that no reasonable notice has been given for repayment and that "no valid demand has been issued in respect of the amounts alleged to be due". Further, he maintains that he is "not obliged to pay any sum under the alleged guarantee" and that Barello had not defaulted on the loan.
Photo by stargazeruk via Flickr.
An Icelandic man causing financial problems for someone ion Cadogan Place which is funnily enough used by RBS. It's all too familiar!