FT learns of Abramovich's plans to sell telecom operator for £1

Abramovich, along with partners in Evraz, will sell a telecommunications network in the UK for 1 pound sterling - about 78 rubles, FT sources said. This decision was made due to sanctions against a businessman,

Two European businessmen will buy the British telecommunications group Truphone from businessman Roman Abramovich and his partners for one pound (78 rubles), writes the Financial Times, citing sources. FORBES estimates the businessman's fortune at $8.8 billion.

The decision to sell is related to the British and European sanctions imposed on Abramovich, he owns 23% of the company, most of the remaining shares are owned by his partners in Evraz, Alexander Frolov and Alexander Abramov, the newspaper's interlocutors said.

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The deal is scheduled to be concluded in June this year, Truphone will be bought out by Pirros Koussios and Hakan Koch, the first will receive 10% of the shares, the second - 90%, the Financial Times indicates. The publication notes that Koch is a co-founder of a company selling used cars Auto1, she received funding from the venture capital company Target Global, which was previously managed by Frolov's son. At the same time, Koch insists that he has no direct relationship with Abramovich, Frolov or Abramov and has never met with them.

The terms of the agreement require the current owners to invest more than £10 million in Truphone (780 million rubles at the exchange rate of the Central Bank), they are also required to pay off the network's debts, including a fine of $660,000, which was imposed for distorting facts about the company's ownership structure. At the same time, Ambramovich, Frolov and Abramov have the right to receive up to a third of the funds from the amount invested in the company if its value grows.

RBC sent a request to Abramovich's representative.

At the end of May, The Times wrote about the sale of Truphone by Abramovich and his partners. According to the newspaper, they will lose more than 300 million pounds (23.4 billion rubles) of investments as a result of the deal. The company itself was valued at £410 million in 2020. In April, the company initiated an "immediate review of its strategic options" due to sanctions imposed against Abramovich.

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EU leaders imposed sanctions against Abramovich in mid-March, considering him "a Russian oligarch with long and close ties to [Russian President] Vladimir Putin." The EU is sure that this acquaintance helped him to "preserve capital." The billionaire is a key shareholder in the mining and metallurgical company Evraz, the document emphasizes, it says that this company is one of the main taxpayers in the country. Restrictive measures include asset freezes and entry bans.

Shortly after the imposition of sanctions, the billionaire filed a lawsuit with the European COURT in Luxembourg demanding that the decision on restrictive measures be reversed. 

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