The German billionaire dynasty behind popular budget supermarkets Aldi and Trader Joe’s is at war again as the legacy of the family’s frugal forefathers is tested by the younger generation.
The criminal complaint was reportedly filed in August by Nicolay, who alleges a breach of trust of one of the family’s famously complex trusts which hold the inherited shares to Theo’s Aldi Nord group. Nicolay’s mother, Babette, is the widow of Berthold Albrecht. Berthold’s father Theo Albrecht died in 2010, leaving an estimated $16.7 billion fortune to his sons Theo Jr. and Berthold, who died in 2012. The fortune, under the stewardship of Theo Albrecht Jr, has since risen to $21.
In May 2016, an interview in Germany’s Stern magazine shocked the country as Theo Albrecht Jr. accused Babette, his brother’s wife and her children, of helping themselves “to the assets,” the“I am very sad that Babette and her children don’t want to accept the testament and the foundation statute of her husband and are fighting it,” he said. Stern alleged that $88 million was withdrawn from the foundation in 2013, 2014 and 2015, the Times reported.
In her will, reported by the Guardian in April 2019, she famously wrote, “With this document I undertake to ensure the preservation of the philosophy of our family, which is to serve the consortium Aldi Nord and to foster this, at the same time as setting aside self-interests and practising a modest and abstemious way of life.”
Aldi stores boasted global sales of over $30 billion in 2018 in Germany, while the U.K. has emerged as another massive market for Aldi at $12 billion in sales.following their release from a prisoner-of-war camp having been conscripted to fight under General Erwin Rommel in north Africa before being captured by Italian troops in 1945, according to Theo’s obituary in the Guardian in 2010.
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