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Tchenguiz Ordered to Pay £1.3 Million in Spread-Betting Suit

  • CMC sued the tycoon for failing to pay debts on his account
  • Debt arose after shares in FirstGroup collapsed amid pandemic

Investor Robert Tchenguiz was ordered to pay £1.31 million ($1.6 million) to an online spread-betting company after losing a legal spat where he was accused of failing to pay his debt.

CMC Spreadbet Plc, a unit of CMC Markets, sued Tchenguiz after the debt racked up during market turmoil linked to the coronavirus pandemic. The loss arose after shares in FirstGroup Plc, a transport operator, tanked in March 2020.