'Millions invested? We're out of pocket'

SARK'S authorities have rejected claims that the Barclay brothers have benefited the island to the tune of a £5m. investment.

Seigneur Michael Beaumont (pictured) issued a statement yesterday claiming the billionaire brothers' involvement in Sark had actually cost the island money.

The statement leaves Brecqhou in little doubt that Sark's authorities are not prepared to back down in the post-election row which has seen the brothers cease capital investment.

It said the authorities wished to correct certain figures relating to the Barclays' pull-out.

'Of the claimed £5m. investment, there is little evidence of it in Sark. On the contrary, the authorities believe the island has been financially disadvantaged by the manner of their property transactions, in their tax avoidance schemes and in defence of their legal suits.

'The Sark authorities consider the reaction to the democratic will of the people unacceptable and while having the greatest sympathy with all those affected, particularly that this should have occurred at this time of year, remain determined not to be intimidated.'