04 July 2004 – The Observer
The Reuben brothers have reached an out-of-court settlement with Fortune magazine over an article it published about their Russian business dealings in June 2000. The billionaire businessmen issued libel proceedings against the publication’s parent company, Time Inc.
The case was due to be heard in London in October, but has been dropped after Fortune published a lengthy clarification. The Reubens born in Bombay to Iraqi parents of jewish descent, built one of the worlds largest aluminum companies, Transworld. They became billionaires in 1999 when they sold the company’s Russian assets. David, the elder of the two, has a background as a metal trader and Simon made his first fortunes selling carpets and trading commercial property.
They backed the MBO of property group Chelsfield, which was taken private by its chairman Elliot Bernerd, a close friend.
They have since been linked to a string of deals, including an abortive bid for the UCI cinema chain. A spokesman said:”The Reuben brothers are very pleased with this outcome and are delighted that an amicable settlement has been reached.”