are also taking legal advice in relation to dealing with the private equity group, with their next steps unclear, people with knowledge of the matter said. The banks declined to comment.
It also shows how sanctions are rippling through to the wider economy, plunging companies into uncertainty because of connections to Russian oligarchs. In the UK, Holland & Barrett, the healthcare retailer bought by LetterOne in 2017, struggled to make a scheduled interest payment because one of its banks is having difficulty processing the transaction.
Three of Letter One’s top shareholders, Fridman, Aven and German Khan, have been sanctioned in the UK and the EU in response to Russia’s invasion of Ukraine, meaning that more than 50 per cent of LetterOne is owned by sanctioned individuals. All three stepped down from LetterOne in response to the sanctions this month and their stakes in it have been frozen. The EU this month also sanctioned another LetterOne founder, Alexey Kuzmichev.
Knaster is also a sponsor of a $345 million special purpose acquisition corporation alongside Edward Eisler, a former Goldman Sachs partner. “We have robust processes and procedures around any transaction, which include broader regulatory and reputational considerations,” a spokesman for the bank said.Another link between Goldman and LetterOne is Michael Casey, who covered the European retail industry at Goldman Sachs when it advised Holland & Barrett’s then-owneron selling to LetterOne.
IrishTimes That must be the first time Goldman Sachs ever refused dirty money from wealthy businessmen. No doubt they've set up some shell company in some dodgy offshore tax haven (like Ireland) so as not to lose out.