Russian banker Mikhail Fridman has a net worth of $10 billion.
AP/Alexander Zemlianichenko
- Russian banker Mikhail Fridman stepped down from the board of the investment firm he co-founded.
- Fridman was barred from entering LetterOne’s offices and speaking to employees, per the FT.
- The billionaire is among oligarchs sanctioned by the EU in response to Russia’s invasion of Ukraine.
Russian billionaire and banker, Mikhail Fridman, was locked out of the investment firm he co-founded after he was hit by European Union sanctions, the company announced on Wednesday.
London-based LetterOne, of which under 50% is jointly owned by Fridman and Russian banker Petr Aven, said in a press release that both men had stepped down from the company’s board and will no longer have any dealings with the group.
Chairman Mervyn Davies, who has now taken control over LetterOne, told the Financial Times that employees aren’t allowed to speak to Fridman. LetterOne, founded in 2013, has also locked Fridman out of its offices and blocked him from having access to documents, Davies told the FT.
Fridman’s assets in the company were “effectively frozen” and his rights as a shareholder were taken away, LetterOne’s press release said. He won’t receive dividends, funds or communications in any way, said LetterOne.
LetterOne did not immediately reply to a request for comment from Insider.
LetterOne’s actions came after the EU sanctioned Fridman as part of a package of responses to Russia’s invasion of Ukraine. Fridman is one of the many Russian oligarchs targeted by Western sanctions aimed at crippling Russia’s economy.
The board isn’t obligated to give shareholder rights back to Fridman if the EU sanctions are lifted, according to LetterOne’s press release.
Fridman, who has a net worth of $10 billion according to Bloomberg, was one of the first Russian business leaders to speak out against the invasion of Ukraine.
In a letter to LetterOne employees, Fridman said that “war can never be the answer,” and that “this crisis will cost lives and damage two nations who have been brothers for hundreds of years.”
LetterOne, which describes itself as “an international investment business led by successful entrepreneurs and former CEOs and international businesspeople,” held $22.3 billion in net assets as of 2020, according to its website.
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