SALE OF NEWSPAPERS

Southland Times, Issue 20043, 3 December 1926, Page 7

SALE OF NEWSPAPERS

A REMARKABLE SUIT. ALLEGED TO BE UNDERVALUED. London, December 1. A remarkable lawsuit is engaging the Chancery Division. Louise Owen, who was Lord Northcliffe’s confidential secretary and a beneficiary under his will, is claiming the sale of newspaper properties by Sir George Sutton to Lord Rothermere on September 20, 1922, for £1,463,000, should be declared void. Plaintiff claims that the property was really worth much more, as shown by the fact that Lord Pvothermere sold a year later for £5,600,000. The Inland Revenue Department is also interested in the suit, believing the value of the death duties was under-estimated.

Seventeen King’s Counsellors are engaged in the case, which is additionally interesting as plaintiff suggests a breach of trust on the part of Sir George Sutton and Lord Rothermere, who are both fiduciary in relation to the estate. Thomas Marlowe, late editor of the Daily Mail and at present chairman of directors, gave evidence that 'he sought to purchase controlling shares on behalf of Sir Malcolm Fraser, formerly chief agent of the Conservative Party, but did not pursue the matter after learning that Sir George Sutton had accepted Lord Rothermere’s offer. The hearing was adjourned.—A. and NX.