February 28, 2024


Delighting finance buffs

Hinduja brothers fight over letter dividing $11 billion fortune: Report

The four Hinduja Brothers, who are tangled in a legal dispute over the family’s $11.2 billion fortune, are now fighting over an old 2014 letter they signed earlier.

According to a Bloomberg report, the document says assets held by “one brother belong to all and added that each man will appoint the others as their executors”. Now, 84-year-old Srichand Hinduja, the patriarch of the family along with his daughter Vinoo, want the letter to be declared worthless.

The report added that the dispute between the UK-based family surfaced after a recent ruling from Tuesday by a London judge. He said that the three other brothers — Gopichand, Prakash and Ashok — tried to use the letter to take control of Hinduja Bank, which is solely under Srichand Hinduja’s name.

The judge informed that Srichand Hinduja had earlier insisted in 2016 that the letter did not reflect his wished and that the family assets should be separated.

Commenting on the development, the brothers issued a statement and said the litigation will have no impact on their business and added that the proceedings “go against our founder and family’s values”.

“Everything belongs to everyone and nothing belongs to anyone. We intend to defend the claim to uphold these dearly held family values,” the three brothers said in an email to the publication.

However, the brothers had said that if Srichand Hinduja’s claim succeeds, all assets would be passed on to his daughter and her immediate family including the entire shareholding in Hinduja Bank.

During the hearing, the judge also noted that Srichand Hinduja lacks capacity to give instructions to his lawyers and appointed Vinoo on his behalf.

It may be noted that the Hinduja family is one of the richest in the world and a bulk of their fortunes come from Hinduja Group, the conglomerate which has invested in a wide array of businesses ranging from finance, media, health care in almost 40 countries.

According to the Bloomberg Billionaires Index, the value of the family fortune stands at $11.2 billion.

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