The Forbes family is suing the Chinese investors that took a majority control of the Forbes Media group in 2014, alleging failure to pay, media reports said Monday. AFP confirmed the lawsuit, initially reported by the Financial Times, with a source close to the issue. The family is accusing the investors, Hong Kong-based Integrated Whale Media Investments, of refusing to pay a large amount of the promised price.
US media said the deal, announced in mid-2014, valued Forbes Media at $475 million. At the time of the announcement the publisher of Forbes magazine said that the Forbes family will retain "a significant ownership stake" in the company under the plan and will continue to participate in its operations. The majority stake of the Asian investors was not made public. The magazine, known for its rankings of wealthy Americans and global business leaders, was launched in 1917 by Scottish immigrant BC Forbes. It was run by his son Malcolm Forbes before being taken over by Steve Forbes, a onetime presidential candidate.