LetterOne oligarchs resign from board after sanctions hit co-founders
The investment firm co-founded by sanctioned oligarchs Mikhail Fridman and Petr Aven has today announced its three remaining Russian billionaire co-founders will also resign, as it battens down the hatches for further sanctions.
In a statement today, London and Luxembourg-headquartered LetterOne said that three board members and co-founders of the firm – German Khan, Alexey Kuzmichev and Andrei Kosogov – have all resigned from their positions and the firm was taking “all action necessary” to protect jobs.
Bosses at LetterOne stressed that while none of the three individuals had been hit with sanctions it believed the move was in the long-term interests of the firm.
Mervyn Davies, Chairman of LetterOne, said his focus was on protecting jobs at the firm and across its portfolio.
“The new board and I will focus on protecting the enormous economic and social contribution LetterOne makes. I am also determined to ensure that the 120,000 jobs throughout the UK US and Europe are protected,” he said.
“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.”
The firm also unveiled a $150m donation to Ukraine to support the “urgent work that was underway to help those affected”.
All the firm’s Russian co-founders have blacked the donation, which comes after Fridman penned a letter to employees last week condemning the conflict but stopping short of criticising Putin.
All three figures resigning today co-founded the firm alongside Fridman and Aven in 2013 and have longstanding ties to the pair, who were hit by sanctions last week.
Letter One announced last week that Fridman and Aven would step down from their roles the sanctions which currently prevent them taking any “financial benefit” from LetterOne.