Candy Bros at war with Icelandic bank

Mira Bar-Hillel, Evening Standard A bitter dispute erupted today between Nick and Christian Candy and troubled Icelandic bank Kaupthing over control of the former Middlesex Hospital site in the West End and a development in Beverly Hills. The brothers' development vehicle, CPC, last week terminated its joint ventures with Kaupthing on both projects after the bank was nationalised by the Icelandic government. CPC said it would take full control of the sites because the fate of the bank amounted to a default under their shareholder agreements on both projects. But Kaupthing said it will fight the move. Mike Samuels, Kaupthing's head of real estate in the UK, insisted the bank was still solvent despite being nationalised and that it continued to own 60% of the stakes. 'The termination notices have been refuted by Kaupthing as it... [read full story]