Licensed billionaire Russian banker Mikhail Fridman was locked out of his co-founded private equity company and staff were told to ignore him, the report said.

Mikhail Fridman

Russian banker Mikhail Fridman has a net worth of $ 10 billion.AP / Alexander Zemlianichenko

  • Russian banker Mikhail Fridman has resigned from the board of directors of the investment company he co-founded.

  • According to the FT, Friedman was barred from entering the Letter One office and talking to employees.

  • Billionaire is one of the EU-approved oligarchs in response to Russia’s invasion of Ukraine.

Russian billionaire and banker Mikhail Fridman was locked out of a co-founded investment company after being sanctioned by the European Union, the company said Wednesday.

Less than 50% of London-based Letter One is co-owned by Friedman and Russian banker Petr Aven. Said In the press release, both men will resign from the company’s board of directors and will no longer deal with the group.

Chairman Mervyn Davies, who currently controls Letter One, said Financial Times Employees are not allowed to talk to Friedman. Founded in 2013, Letter One also kept Friedman out of his office and prevented him from accessing the documents, Davis told FT.

According to a Letter One press release, Friedman’s company’s assets were “virtually frozen” and his rights as a shareholder were deprived. According to Letter One, he receives no dividends, funds or communications.

A spokesperson for one company told insiders that Friedman was “not involved in Letter One’s day-to-day management and decision-making, and that appropriate arrangements have been made to make this happen.”

Letter One’s actions EU approves Friedman As part of the Russian invasion of Ukraine response package. Friedman is one of many Russian oligarchs who have been subject to western sanctions aimed at destroying Russia’s economy.

According to a LetterOne press release, the board will not be obliged to return shareholder rights to Friedman if EU sanctions are lifted.

Friedman, $ 10 billion in net worth According to Bloomberg, he was one of the first Russian business leaders to speak out against the Ukrainian invasion.

and letter “War will never be the answer,” Friedman told Letter One employees. “This crisis will cost lives and damage two countries that have been brothers for hundreds of years.” Stated.

LetterOne claims to be “an international investment business led by successful entrepreneurs, former CEOs and international businessmen,” with net worth of $ 22.3 billion in 2020. That website..

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