Russian Oligarchs' Firm Challenges Forced Sale of Broadband Provider in UK Court

Russian oligarch-backed investment firm LetterOne has asked a London court to rule that it was unlawfully ordered to sell broadband provider Upp. This marks the first challenge under Britain's National Security and Investment Act to reach London's High Court. The enforced sale was due to concerns over potential Russian state leverage.

Russian oligarch-backed investment firm LetterOne has approached a London court to contest the order demanding it sell its broadband provider, Upp, an unprecedented challenge under Britain's recent national security law.

The intervention, driven by worries about potential leverage from Russia, marked one of the initial applications of Britain's National Security and Investment Act. The act grants the government the authority to scrutinize and veto acquisitions posing potential security risks.

LetterOne, which also owns Holland & Barrett, contested the divestment's fairness, stating that the sale value was below their investment. Legal arguments indicate that comprehensive measures to prevent oligarch influence were offered but dismissed due to perceptions of mildness on Russia.

(With inputs from agencies.)