Barclay brothers defend hotel take-over claims

Two billionaire brothers who own the Ritz Hotel and The Telegraph newspapers in London face a High Court claim this week alleging they used underhand means to obtain ownership of three luxury hotels.

The Ritz: owned by the Barclay brothers

Belfast-based property developer Paddy McKillen accuses Sir David and Sir Fredrick Barclay of illicitly plotting to take over the hotels, including secretly destroying computer files.
According to the Irish Times, Mr McKillen is suing the brothers over ownership of the Maybourne Hotel Group—the umbrella owner of renowned properties such as Claridge’s, the Connaught, and the Berkeley.

Allegations

The Times in London reports that Mr McKillen, who owns 36 per cent of Coroin -- the Maybourne Goup’s parent company -- contends that the secretive Barclays ‘rode roughshod over his rights as a shareholder in an effort to wrest control of the company’.
The Barclays have denied the allegations, with the Times writing that the two intend to defend themselves to maintain ownership of the group.

Lawful actions

They claim that all their actions have been lawful, and also call into question the ability of Mr McKillien to fund the purchase of more shares in the event that pre-emption rights are triggered.

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