The U.K. government may have to pay about 1.2 billion pounds ($2 billion) to a home-shopping company owned by the billionaire Barclay brothers after a judge ruled in their favor in a dispute over 30 years of overpaid taxes.
The billionaire Barclay brothers sold their 10 percent stake in the U.K.’s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier’s shares soared 88 percent in a year.
David and Frederick Barclay, the billionaire owners of the Daily Telegraph, won dismissal of an Irish developer’s lawsuit that accused them of illegally trying to gain control of a group of luxury London hotels.
Coroin Ltd., owner of London luxury hotels including Claridge’s, reported an increase in profit as the U.K.’s billionaire Barclay brothers and Irish developer Patrick McKillen battle over the company’s ownership.
David and Frederick Barclay rode “roughshod” over an Irish developer’s legal right to buy shares as they gained control of three luxury London hotels, Patrick McKillen’s lawyer said in the U.K. Court of Appeal.