The multi-millionaire founder of Amstrad has complained to Lloyds Banking Group over its sale of a hedging product on a loan taken out against part of his property empire.
Lloyds has received a letter of complaint from Lord Sugar, who, according to one source, is seeking the return of about £10m in break fees paid to Lloyds to cancel the interest rate hedging contract.
Lord Sugar is understood to be considering legal action should his complaint be unsuccessful. The derivative is understood to have been for £97m and was taken out to protect against a rise in interest rates on a Lloyds loan.
A spokesman for Lord Sugar declined to comment. Lloyds also declined to comment.
Egypt’s problems are so big, other nations are getting involved. May their help be helpful.
Early indications, however, are mostly complicating. A number of foreign envoys met with government and Islamist leaders, supposedly to work out a compromise solution to the political crisis. None was reached and the sit-ins in support of Morsi continue, but each had differing perceptions of blame. The US, in particular, had mixed messages. The administration accepted Morsi’s removal as a protection of democracy and prevention of civil war, while a prominent senator visited and labeled it an out-and-out coup.
Good arguments can support either conclusion, but who makes the call? Encouraged by foreign intervention, the Brotherhood hardens its positions and continues the impasse. Understandably distrustful of government assurances of a safe exit if they disband and go home, local media and security sources reinforce the message of a zero sum game. Did foreign…
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