P.M. BRIEFING : Harrod Buyers Seek Exoneration
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LONDON — The Egyptian owners of Harrods said today they will ask a European court to clear them of allegations in a British government report that they lied during a bitter takeover of the exclusive London department store.
A statement from Harrods’ parent company, House of Fraser, said Mohamed Al Fayed, Salah Fayed and Ali Fayed will take their case to the European Commission of Human Rights in Strasbourg, France, to seek a new ruling on the case.
Britain’s Department of Trade and Industry in March ruled in a scathing report that the brothers lied to regulatory authorities and shareholders about their background and wealth in their 1985 takeover battle with British trading company Lonrho for Harrods.
The report said that the brothers gave a false impression of the backing for their $1-billion bid.
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