Former Owners of The Art Newspaper and L'Officiel Say AMTD Still Owes Buyout Funds Amid IPO Listings

AMTD disputes claims, says it has fully paid for acquisitions, as legal disputes play out alongside volatile trading in AMTD-linked companies.

Published on Mar. 1, 2026

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AMTD Group, a Hong Kong-based conglomerate, acquired The Art Newspaper and French fashion magazine L'Officiel in 2022 and 2023 respectively. However, the former owners of these publications claim AMTD has not fully paid the agreed-upon purchase prices. The disputes have led to lawsuits in France and Hong Kong, even as AMTD has listed its media and luxury subsidiary, The Generation Essentials Group (TGE), on the New York and London stock exchanges, with TGE valuing L'Officiel at around $100 million and The Art Newspaper at around $50 million.

Why it matters

These legal disputes raise questions about AMTD's acquisition practices and the transparency of its financial reporting, especially as it lists its subsidiaries on various exchanges. The case highlights the challenges faced by legacy media brands as they are acquired by larger conglomerates, and the potential for conflicts when the new owners' interests may not align with the publications' history and values.

The details

AMTD disputes the claims made by the former owners, saying it has fully paid for both acquisitions. However, the Jalou family, former owners of L'Officiel, and Inna Bazhenova, former owner of The Art Newspaper, allege that they have not received full payment. The disputes center around issues such as AMTD requiring the former owners to open brokerage accounts with AMTD Capital Markets to receive and trade shares, and then the brokerage being sold to a third party, allegedly leaving the former owners unable to access their accounts and complete the transactions.

  • The acquisition of L'Officiel was completed in January 2022.
  • The Art Newspaper deal closed in October 2023.
  • In March 2025, the Jalou family filed a criminal complaint with the Paris public prosecutor's office.
  • On January 15, 2026, AMTD Group and its affiliated listed entities announced that they had launched new legal action against Bazhenova and Ibragimov.

The players

AMTD Group

A Hong Kong-based conglomerate that acquired The Art Newspaper and L'Officiel.

The Jalou Family

Longtime owners of L'Officiel, which celebrated its 100th anniversary in 2021.

Inna Bazhenova

Former owner of The Art Newspaper.

Calvin Choi

Chairman of AMTD Group.

The Generation Essentials Group (TGE)

AMTD's media and luxury subsidiary that owns The Art Newspaper and L'Officiel.

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What they’re saying

“L'Officiel is not an ordinary financial asset; it is a century-old institution of French fashion. Its history and the people who have shaped it cannot be handed over to predatory logic.”

— Céline Bekerman and Antoine Cadeo, Lawyers for the Jalou family (ARTnews)

“AMTD has received various communications with the apparent intention of blackmail and harassment, and it is therefore taking legal actions, including reporting these wrongful acts to law enforcement.”

— Clifford Chance, Law firm representing AMTD (ARTnews)

What’s next

The ongoing legal disputes between AMTD and the former owners of The Art Newspaper and L'Officiel are expected to continue, with the potential for further court proceedings and regulatory scrutiny of AMTD's acquisition and reporting practices.

The takeaway

This case highlights the complexities and potential pitfalls that can arise when legacy media brands are acquired by larger conglomerates, particularly when there are disputes over the terms of the transactions and the transparency of the new owners' financial reporting. It underscores the importance of clear and transparent communication between buyers and sellers to ensure a smooth transition and preserve the integrity of the acquired brands.