Three more Russian billionaires resign from LetterOne board
Three more Russian billionaires have resigned from the board of the $22bn (£17bn) investment firm LetterOne after the EU imposed sanctions on its two biggest shareholders.
The company, which owns the health retail chain Holland & Barrett in the UK and a swathe of energy assets across Europe, said on Monday that German Khan, Alexei Kuzmichev and Andrei Kosogov had “resigned from all positions at LetterOne, including the board”.
It said: “None of these three individuals has been sanctioned, but they believe that this is the right thing to do in the long-term interests of LetterOne, its employees and the many jobs it supports in its portfolio companies.”
Last week the UK-based Russian billionaire oligarchs Mikhail Fridman, LetterOne’s founder, and Petr Aven, who between them own just under 50% of LetterOne, had their shares in the company “frozen” after they were hit with EU sanctions following Russia’s invasion of Ukraine. The pair then stepped down from the London-based investment group.
Mervyn Davies, the company’s chair and a former Labour trade minister, said he was determined to stay on at L1, despite repeated calls for him to step down.
“The new board and I will focus on protecting the enormous economic and social contribution LetterOne makes,” Lord Davies said. “I am also determined to ensure that the 120,000 jobs throughout the UK, US and Europe are protected. We know that everyone involved in L1, including our founders, would want us to take these steps given their love and passion for and heritage in Ukraine.”
Tom Tugendhat, a Conservative MP and the chair of the foreign affairs committee, told the Mail on Sunday that Davies should step down. “Some moments demand a choice, this is one,” he said.
Davies said LetterOne
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