In Kingston. The numbers might be wrong, but they are illustrative. Imagine the Tchenguiz interest buying the freehold of Charter Quay for £750,000 and then, in the same year, writing the value up to £2 million, £3 million or £4 million, before borrowing, say, £2 million against it. When the leaseholders eventually get together, they discover on the accounts that the Tchenguiz interest—or someone—has been running an office phone through the lift phone in the block of flats to get a good deal from the telephone providers.
The leaseholders then get control of management and apply for the freehold, only for the freehold block to be estimated not at £750,000, and not £2 million, £3 million or £4 million, but at just under £1 million. It came down to about a third of the valuation that the new owners had put on it. In that case, I think, there was a settlement before the thing was finally determined by the court, but the figures are there.
The freehold went from £750,000 to £900,000, having gone to £2 million, £3 million or £4 million in between. I ask the professional regulators for the bankers involved in the loan, the surveyors who went along with the
valuation and the accountants who did the accounts to ask how they explain this. I think that there was professional incompetence or collusion, and that is not what professionals are supposed to do. I hope that it is not happening again now.