Tycoon loses battle for £1bn company

Published Friday, 10 August 2012
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A Belfast property developer has lost a High Court battle with two brothers for the control of a billion-pound company.

Tycoon loses battle for £1bn company
The judge said Mr McKillen's proceedings against the brothers will be dismissed. (© UTV)

Patrick McKillen, who is based in Dublin, was fighting Sir David Barclay and his twin Sir Frederick over control of a £1 billion company which owns three of London's most famous hotels.

A judge in London on Friday ruled against Mr McKillen, following a trial spanning more than two months.

All three men were investors in Coroin - the company which owns and manages Claridge's, the Connaught and the Berkeley hotels in the city.

Mr McKillen claimed that "company affairs" were conducted in a "manner unfairly prejudicial to his interests".

Philip Marshall QC, for Mr McKillen, had said the shareholders' relationship was based on "trust and confidence" and an agreement contained "express obligations of good faith".

The Barclay brothers disputed Mr McKillen's claims and said his allegations were designed to "tarnish" their reputations and "embarrass" them.

In a lengthy written ruling, Mr Justice David Richards announced that two sets of proceedings brought by Mr McKillen "fail and will be dismissed".

 

© UTV News
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