Firm Founded by Sanctioned Russians Fails to Block Forced Sale

LetterOne Holdings, the UK investment company founded by sanctioned Russian billionaires, failed to overturn a British government-ordered sale of a broadband service provider after a London court ruled the decision was fair and reasonable.

The High Court dismissed the case brought by LetterOne Holdings, founded by businessmen Mikhail Fridman, Petr Aven and German Khan, which challenged the forced sale. The UK’s decision was fair, proportionate and reasonable, said Judge Judith Farbey.

“The judgment concludes that there was no duty to pay compensation” for any financial loss caused by the sale, the judge said in a ...