Zuber Issa wants to buy out his older brother, Mohsin, from parts of their petrol station empire.
Asda co-owner Zuber Issa is in discussions to buy out his older brother from parts of their petrol station business, as the two move to separate their fortunes.
According to The Telegraph, investors in EG Group, run by the Issa brothers and TDR Capital, were told that it “continued to have active discussions” with Zuber about divesting some assets in the UK and Ireland, with plans to strike a deal “in the near term”.
It emerged last month that Zuber was attempting to sell his stake in Asda, which is co-owned by the brothers and TDR Capital. Mohsin recently denied rumours of a rift with Zuber, telling a BBC interviewer that he and his brother “get on exceptionally well” and “talk to each other probably two or three times a day”.
However, various reports suggest a rift had been sparked when Mohsin left his wife to enter a relationship with a former tax partner who used to work at Asda’s auditing firm, although not on the Asda account.
A buyout could disentangle their fortunes at the business, as the brothers oversee different parts of the group. Zuber runs the petrol station business while Mohsin oversees Asda.
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