Boss of Sekonda accused of hiding millions from his dead father’s will
THE multimillionaire who owns Sekonda watches is being sued by his younger brother who claims he hid at least £1.5million their late father left to him.
Marcus Margulies, 79, is accused of using “lies and deception” to cheat financier brother Stephen Margulies.
Marcus’s company Time Products (UK) Ltd sells luxury Swiss watches, as well as owning Accurist and Britain’s biggestselling watch brand Sekonda.
Sparked
Father Alexander, who set up the family watch empire after coming to England as an immigrant from Poland in 1931, died a widower in 1991, leaving behind “substantial wealth”.
His death sparked a series of furious court clashes between the brothers over money, which lawyers for Stephen say were caused “mainly as a result of Marcus’s attempts to disentitle Stephen”.
Now Marcus, who was worth £135million according to 2018’s Times Rich List, is being sued again by Stephen, who believes he has proof he was cheated out of inheritance money.
Marcus was the sole beneficiary of Alexander’s estate under a will that he made in 1982 while “annoyed” with Stephen, who had gone to live in Peru rather than join the family business.
Stephen claims money in a Swiss bank account – at least £1.5million, possibly millions more – was earmarked for him before the rift. He insists his father never changed his wishes.
The younger brother says he and his dad made up after he left South America and before he died their relationship was “warm”. In the High Court lawyers for Stephen allege Marcus has been hiding the money, branding it “an abuse of power”.
He claims Marcus has the fortune hidden in a secret offshore trust called Dulwich Inc.
Stephen is suing him in a bid to force him to reveal the value of the money in the Swiss account, what happened to it and to pay it or its current value to him. Marcus’s defence is not available from the court, and his representatives declined to comment. A hearing date has yet to be set.