Thursday, February 23, 2012

UK: Indian-origin British hotelier sued by parents

London Parents of a 60-year-old Indian-origin hotelier, reportedly one of Britain's wealthiest men, are sueing him for 100 million pounds (around $157 million), claiming their son took the family business for himself.
Jasminder Singh, chairman of the Radisson Edwardian Hotels, is accused of renouncing the Sikh tradition of sharing family wealth and barring his parents from their multi-million pound business, the Daily Express reported.
His 84-year-old father, Bal Mohinder Singh, stands to take a third of the family fortune if he wins the high court battle against his son.
The hotelier's name was on the family's assets purely because he was a chartered accountant and the Singhs' representative.
UK: Indian-origin British hotelier sued by parents
The family fortune is reportedly worth an estimated 415 million pounds.
In a statement to the court in London on Tuesday, Bal Mohinder Singh said he and his wife Satwant were 'deeply ashamed that Jasminder should publicly renounce his cultural heritage'.
The system of joint family ownership of all assets is based on religious teaching and widely practiced by Sikh and Hindu communities around the world, he said.

with thanks : IBNLive : link in the headline above for detailed news.

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