Brother sues watch tycoon over £1.5m inheritance
A MULTI-MILLIONAIRE watch tycoon has been accused of hoarding family money by his younger brother, who carried out a 20-year investigation into his affairs, legal documents filed to the High Court show.
Marcus Margulies, 79, who owns Sekonda, Britain’s biggest-selling watch brand, allegedly used “lies and deception” to cheat Stephen Margulies, his younger brother, out of at least £1.5million that Alexander Margulies, their father, allegedly intended for him.
The brothers have been locked in a legal dispute since their father, who set up the family watch empire after coming to England as a Polish migrant in 1931, died 30 years ago, leaving behind “substantial wealth”.
His death led to a series of furious court clashes between the brothers over his money, which lawyers for Stephen have said were caused “mainly as a result of Marcus’s attempts to dis-entitle Stephen”.
Marcus, who was worth £135million according to The Times 2018 rich list, is now being sued again by Stephen, who claims that, after a 20-year worldwide investigation, he can prove that Marcus hid money that his father wanted to go to him after his death.
In documents lodged in the High Court in February, lawyers for financier Stephen Margulies said that the brothers flew into a series of court fights with each other over their parents’ money after their deaths.
Marcus Margulies, whose company Time Products (UK) sells upmarket Swiss watches, was the sole beneficiary of Alexander’s estate under a will he made in 1982 while “annoyed” with Stephen, who had gone to live in Peru rather than join the family business. Stephen says his siblings “received substantial sums of money” – at least £1.5million each and possibly much more – in 1976 from the Swiss account.
At the time, his father had been worried about him having so much money due to “concerns” about his “lifestyle and general attitude to life”, his lawyers said in the court filings.
Marcus’s defence to the action was not available from the court at the time of writing.
His representatives were approached for comment.