The dispute between the brothers Georg and Christian Haub about the future structure of the Tengelmann family business is settled in court. According to a report in the “Lebensmittelzeitung”, Georg Haub is suing against the release of Tengelmann reserves. A spokeswoman for the court confirmed on Thursday that Georg Haub had sued his brother Christian Haub before the district court in Munich for repayment of 800 million to Tengelmann Warenhandelsgesellschaft KG.
According to the “Lebensmittelzeitung”, the background to the dispute is a shareholder resolution of December 2, 2021 to release reserves in the amount of 1.17 billion euros, which were transferred to the accounts of the shareholders. The plaintiff Georg Haub considers the resolution invalid because a three-quarters majority would have been required. He also called an arbitral tribunal.
After the disappearance of Karl-Erivan Haub in the Swiss Alps, Christian Haub took over the management of the Tengelmann Group and is the majority shareholder with 69 percent of the shares. His brother Georg holds the remaining 31 percent.
The release of the reserves served Christian Haub to finance the second purchase price installment to the Cologne family line. Christian Haub’s lawyer Mark Binz told the “Lebensmittelzeitung”: “The lawsuits are completely hopeless.”
The brothers appeared to have reached an agreement last summer. After “lengthy and hard”, but fair negotiations, the notarial purchase contract was signed, the lawyers on both sides, Mark Binz and Peter Gauweiler, announced at the time.
Karl-Erivan Haub did not return from a ski tour in Zermatt, Switzerland, in April 2018. The district court of Cologne declared him dead. (dpa)