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Berthold Albrecht’s heirs were dismissed by a German administrative court. As a result, they seem to be losing their grip on Aldi Nord and may have to repay tens of millions in the future.
Family feud
For almost ten years there has been fierce fighting between the members of the Albrecht family, the dynasty behind Aldi Nord. The company is controlled by three foundations: Markus, Lukas and Jakobus. Their aim is to invest in the company while ensuring the prosperity of future generations. This system worked for the two sons of founder Theo Albrecht, Theo jr. and Berthold. But after the death of the latter eight years ago, a heavy power struggle arose in the family,
Berthold Albrecht’s heirs have long refused to fill in the board of “their” Jakobus Foundation according to his last will. Shortly before his death, Berthold changed the conditions in the foundation, as a result of which the power of the family members was severely restricted. But Berthold’s widow Babette never suited herself to that role and, together with her daughters, made decisions that yielded them tens of millions from the foundation’s assets. They did not even comply with the Rendsburg supervisor’s official request to appoint the board of directors in accordance with the statutes and to include a representative of Aldi Nord in the body.
The ruling of the Schleswig Administrative Court now stipulates that the Jakobus Foundation must implement the authorities’ request immediately. This is a victory for Theo Albrecht Jr, who brought the case, writes Business Insider.
Influence on other case
Although Babette and her entourage may still appeal the judgment, the case may have major consequences. According to the court’s decision, the many millions appropriated by the heirs were not legitimately acquired, because the board of directors was not properly constituted and was therefore not empowered to take such decisions. In total, they would have paid themselves some 150 million euro through various constructions. Incidentally, Nicolay Albrecht, Berthold’s only son, has already accused his mother Babette and some of his sisters of raiding the foundation. That case, too, has yet to be dealt with by the courts.
