The tycoon twins had numerous business interests in Sark
The millionaire Barclay brothers have defended their decision to close their firms on the Channel Island of Sark.
Twins Sir David and Sir Frederick, 73, told the Sunday Telegraph they were responding to what people had voted for in the island's elections last week.
They said voters rejected their candidates who supported more radical reforms of Sark's feudal system.
The brothers own land on Sark, all of neighbouring island Brecqhou and, among other firms, the Telegraph Media Group.
Sark's first election to choose a democratic government for nearly 450 years was held last Wednesday.
The Barclay brothers announced the withdrawal of their Sark investments after the majority of candidates they had backed for Sark's new 28-member chamber failed to win election.
The multi-millionaire twins object to the hereditary post of seigneur, as well as the seneschal who acts as both chief judge and the speaker in the island's government, the Chief Pleas.
The closure of their firms - including hotels, shops, estate agents, building firms and restaurants - led to the loss of 140 jobs.
In a statement to the Telegraph, the brothers said they still had a "passion for the island" which they had "loved since they visited it as children".
But, they said, the Barclay family had "hoped for some endorsement of their vision for Sark from the electorate last Wednesday".
"Sir David had made it quite clear before the election that, if this did not materialise, they would have to reconsider their investment programme. That is what has happened," it continued.
"As they see it, there is no point in continuing to invest £5m per annum when the Sark electorate has said very clearly that it does not want their representatives involved with Sark."
The brothers regarded the election as a referendum on their plans to continue investing in Sark, which has a population of just under 500.
Sir David had warned before the election that he and his brother were "tempted to walk away from Sark … if the establishment gets re-elected".
Politicians in Jersey have pledged their support for the islanders who lost their jobs and there have been offers of financial support from Guernsey.
Conseiller Paul Armorgie, one of the newly-elected members of Sark's Chief Pleas said the island, would still move forward to "a shiny new democracy".