Heir to Aldi, Trader Joe's sues family, claiming they embezzled money - Business Insider

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An heir to the Aldi and Trader Joe's empire has sued his mother and sisters, saying they embezzled millions of euros from a trust fund

Rolf Vennenbernd/picture alliance via Getty Images

Nicolay Albrecht, the grandson of one of Aldi's founders, filed a criminal complaint against his mother, at least two of his sisters, and their lawyers, Germany newspaperIn his one-page criminal complaint, Nicolay said the family illegally withdrew millions of euros from the Jakobus Stiftung, one of the three foundations that hold his side of the family's shares in the Aldi Nord group.

Brothers Karl and Theo Albrecht founded Aldi from their mother's small corner shop in Essen, Germany in the aftermath of the Second World War. In 1961, they split the business into two divisions – Karl controlled Aldi Süd, and Nicolay's grandfather Theo took over Aldi Nord, which acquired US discount chain Trader Joe's in 1979.Three foundations hold Aldi Nord's capital and control its investments, including the Jakobus Stiftung, which in 2017.

Despite this, the family still made a payout totalling tens of millions of euros last winter – a regular practise for the family, the report said.

 

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