Mike Ashley picks up £4m Mulberry shares as he raises bid

The battle for control of Mulberry took a dramatic turn yesterday when Mike Ashley upped his stake.

Meanwhile, the company’s largest shareholder in Singapore was charged over his alleged role in a scandal involving thousands of pounds in gifts given to a former minister.

Frasers Group, Mulberry’s second largest investor, bought £4 million worth of shares in the British fashion house.

That took Sports Direct tycoon Ashley’s stake to around 37 percent as he considers a new takeover bid for the struggling handbag maker.

It came just days after Frasers’ £83 million bid to buy Mulberry was fiercely opposed by the board.

Mulberry said Singaporean power couple Ong Beng Seng and his wife Christina, the designer’s largest shareholders with a 56 percent stake, had “no interest” in Frasers’ bid.

But in a twist, Ong, 78, was yesterday charged with aiding and abetting a former transport minister. On Wednesday, S. Iswaran was sentenced to 12 months in prison for obstruction of justice and improperly receiving gifts as a public servant.

Ong has not yet responded to the allegations.

The businessman reportedly did not enter a plea yesterday.

He and Ashley have clashed as they fight for control of Mulberry, which has been hit by a slowdown in demand for luxury goods. Under takeover rules, Frasers has until October 28 to make a firm offer for Mulberry or walk away.