Oh brother! The Reubens take on the Ruimys in High Court showdown
THE billionaire Reuben brothers have become embroiled in a bitter row with the wealthy Ruimy brothers who run Mayfairbased property company Aerium.
According to a docket filed at the High Court, Aldersgate Investments, the Reuben Brothers’ investment vehicle, has begun legal proceedings against Franck and Ely Ruimy over a ‘breach of contract’.
Little else was disclosed in the document but City sources said the spat has been going on for several years and is focused on unpaid fees following a property investment the Reubens and Ruimys did together. David and Simon Reuben are Britain’s richest brothers after amassing a £13 billion fortune over the last 20 years.
Originally from Mumbai, India, the Reubens moved to England in the 1950s and went to state school.
They made their first billion trading aluminium in Russia in the 1990s.
They ploughed the proceeds into a collection of London properties, buying Carlton House and Millbank Tower in Westminster, the John Lewis Partnership’s headquarters in Victoria, Connaught House in Mayfair and shops in Sloane Street.
They have also built a portfolio that includes London Heliport, London Oxford Airport and Arena Racing, which owns courses such as Royal Windsor.
Franck and Ely Ruimy made a smaller fortune by investing in commercial property across the world. Their property company Aerium has offices in London, Luxembourg and Geneva.
Franck Ruimy is also thought to have made millions of pounds after hoovering up trophy apartments and houses in New York after the 2008 financial crisis.
Neither of the parties would comment.