High Court Upholds Britain's Stance in Russian Oligarch-led Broadband Sale

Investment firm LetterOne lost its legal challenge against the enforced sale of broadband provider Upp, as ruled by London's High Court under Britain's national security law. Despite efforts to mitigate Russian influence, the court upheld the divestment, with sale proceeds falling below the firm's investment.

The High Court in London has ruled against the investment firm LetterOne, spearheaded by sanctioned Russian oligarchs Mikhail Fridman and Petr Aven, in a pivotal legal confrontation over Britain's national security measures.

The firm's attempt to reverse the enforced sale of a broadband provider, Upp, was rejected. This intervention by the British government, under the National Security and Investment Act, was driven by concerns over potential Russian influence.

Judge Judith Farbey confirmed that Virgin Media O2 acquired Upp for less than the $143.7 million LetterOne had initially invested. In the wake of Russia's Ukraine invasion, efforts by LetterOne to secure its ownership faced heightened scrutiny, ultimately affirming Britain's rigorous application of security laws.

(With inputs from agencies.)