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November 21, 2013

A number of arrests have been made at Ikea France over allegations the European arm of the Swedish family business hired a security firm to spy on employees and customers using police files.
 

A number of arrests have been made at Ikea France over allegations the European arm of the Swedish family business hired a security firm to spy on employees and customers using police files.

Ikea France is being investigated as a corporate entity, and could be forced to pay compensation to any victims of spying.

Stefan Vanoverbeke, chief executive of the French division of the Swedish flat pack furniture business, along with his predecessor Jean-Louis Baillot, and chief financial officer Dariusz Rychert were arrested on Monday.

November 19, 2013

The British hotelier behind Radisson Blu Edwardian is facing off against his son in court this week, accusing the next-gen of failing to share the family wealth that he helped to build.

The British hotelier behind Radisson Blu Edwardian is facing off against his son in court this week, accusing the next-gen of failing to share the family wealth that he helped to build.

Bal Mohinder Singh, moved into the hotel business, along with his eldest son, Jasminder, shortly after immigrating to the UK in 1973, gradually buying a portfolio of landmark properties, including Savoy Court and the May Fair in central London.

November 19, 2013

A US environmental group has accused family-controlled retail giant Walmart of leaving some of its most polluting activities off its annual sustainability report.

A US environmental group has accused family-controlled retail giant Walmart of leaving some of its most polluting activities off its annual sustainability report.

In 2005, the hypermarket chain, controlled by the Walton family, launched a much-publicised sustainability campaign. It says since then its greenhouse gas emissions have risen only 14%.

October 3, 2013

Australian mining tycoon and one of the world's richest women Gina Rinehart is planning to step down as head of her family's trust – possibly ending her two-year feud with two of her four children. 

Australian mining tycoon and one of the world's richest women Gina Rinehart is planning to step down as head of her family's trust – possibly ending her two-year feud with two of her four children.

Three of her children had launched a lawsuit to remove their mother as trustee of the multi-billion dollar Hope Margaret Hancock Trust in 2011 after she changed its vesting date to 2068 just days before it was due to pay out.

September 13, 2013

Distant relatives of an American copper heiress are challenging the validity of her will, which deliberately denies them a slice of her $300 million fortune.

 

Distant relatives of an American copper heiress are challenging the validity of her will, which deliberately denies them a slice of her $300 million (€234.4 million) fortune.

Huguette Clark, the reclusive youngest daughter of copper magnate and US senator William Clark, died in 2011 at the age of 104.

September 4, 2013

A butler who secretly recorded private conversations between aging L’Oreal heiress Liliane Bettencourt and her lawyers, financial advisers and various politicians will stand trial, along with five journalists who published the tapes’ contents, for breaching French privacy laws.

A butler who secretly recorded private conversations between aging L’Oreal heiress Liliane Bettencourt and her lawyers, financial advisers and various politicians will stand trial, along with five journalists who published the tapes’ contents, for breaching French privacy laws.

Bettencourt's now former butler Pascal Bonnefoy created the tapes over a 12-month period between 2009 and 2010 by placing a hidden recording device in the drawing room of Bettencourt's mansion in suburban Paris.

September 4, 2013

French luxury group LVMH has announced it is abandoning its appeal against the record-breaking fine it incurred for its secret stake in rival luxury house Hermes.

French luxury group LVMH has announced it is abandoning its appeal against the record-breaking fine it incurred for its secret stake in rival luxury house Hermes.

LVMH remained defiant, however, saying in a statement that it still disputed the ruling but had to consider the time and cost of further proceedings and focus on the management of its slice of Hermes.

Bernard Arnault's giant was hit with an €8 million penalty from the French financial regulator Autorite des Marches Financiers in early July for failing to comply with disclosure rules.

August 16, 2013

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.
 

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.

The decision against Canadian-born Conrad Black, the former chief executive of the now-defunct Hollinger International, was announced yesterday.

He must also pay $4.1 million (€3.1 million) compensation to Chicago Newspaper Liquidation Corp – a company formed of many of Hollinger's divested assets.

July 19, 2013

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.
 

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.

The US-based chain of supermarkets was ordered by the courts to hold a board meeting following their long-running disputes, with some board members stating incumbent president, Arthur T DeMoulas, was spending money recklessly and ignoring the advice of the board.

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