Vincent Tchenguiz sells Lamborghini as recession sparks cost cuts

By Richard Fletcher, City Editor 530AM GMT 10 March 2010

Vincos, the government association that runs Vincent Tchenguiz"s tellurian empire, has embarked on a cost-cutting practice after using up a �38m loss.

Almost �1m worth of cars and looseness plates thought to embody a Lamborghini, Aston Martin and Bentley have been likely of by the company, that has additionally slashed the free donations. Mr Tchenguiz is thought to have paid for at slightest one of the cars personally.

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"In line with the marked down levels of turnover the association has taken measures to revoke the costs," state the directors in accounts.

Vincos plunged to a �37.2m loss in the year to May 31 2009, carrying done a �5.5m distinction the year before, according to the accounts.

The association wrote �29m off the worth of the unlisted investments and done a �12m sustenance for bad debts after endeavour "a minute reassessment of the intensity collectability". The organisation additionally done a �1m loss trade on the Forex markets.

The worth of engine vehicles owned by Vincos fell from �1.1m to �148,049, whilst free donations fell from only over �1m to �347,950.

The association done no domestic donations, after donating �50,000 to the Conservatives the year before.

Mr Tchenguiz and his hermit Robert done their strange happening investing in blurb skill and prolonged freeholds.