Statement by Mervyn Davies, Chairman and Jonathan Muir, Chief Executive LetterOne
Following the imposition of EU Sanctions, Mikhail Fridman and Petr Aven have stepped down from the LetterOne board. As a result, they will no longer have any involvement with or influence over the business or its investments. They will not receive dividends, communications or any funds or economic resources, directly or indirectly. Their assets in the business are effectively frozen, they have no rights as shareholders and – if sanctions are lifted – the board is under no obligation to return these rights.
We want to be clear that LetterOne is not impacted by these sanctions. Mikhail Fridman and Petr Aven own less than 50% of LetterOne shares and have no control of the business. I believe these steps are the right ones in light of the shocking and deeply saddening invasion of Ukraine. It is a war that Russia must stop.
The total priority for us and our team is LetterOne. Through our investments, we support 120,000 jobs. We are and will remain long term investors in brilliant businesses – including Holland and Barrett and UPP in the UK, Dia in Spain, Destination Pet in the US, WDEA in Germany and many more.