Chelsea owner Roman Abramovich considers suing Irish government

Billionaire Chelsea owner Roman Abramovich is apparently considering taking legal action against the Irish government.

The Government’s decision to make subordinated bond-holders in Irish Nationwide Building Society (INBS) pay part of the bill for dealing with the organisation’s huge property losses has angered Abramovich’s investment vehicle, Millhouse, who hold bonds in the INBS.

“We urge Irish authorities to reconsider their position on INBS subordinated bonds and come out with a detailed plan on what it going to happen to this institution,” read a statement issued by the Millhouse investment company.

“In the meantime, we are fully prepared to vigorously defend our position using all possible legal means.”

Earlier this week, the Department of Finance said that it was working with the Attorney General on the issue of burden-sharing by subordinated bond-holders in both INBS and Anglo Irish Bank.