Friedman’s company LetterOne suffered a record loss of $7.85 billion
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The investment company LetterOne, which belongs to billionaire Mikhail Fridman and his partners, recorded a record loss of $7.85 billion at the end of 2022. This is stated in report LetterOne for 2022, released August 24th. The publication drew attention to the reporting Forbes.
According to the report, the investment company’s value of all assets decreased, with the exception of the Turkish mobile operator Turkcell – $723 million at the end of 2022 and $592 million a year earlier. The largest losses came from private investments (minus $2.5 billion) and a stake in the German oil and gas company Wintershall Dea (minus $2.3 billion).
The total loss of the investment company for 2022 amounted to $7.85 billion. Previously, the record for losses for LetterOne was 2014 – then it lost $6.1 billion.
The value of LetterOne’s net assets for 2022 decreased from $26.8 billion to $18.7 billion. Forbes notes that the company’s capital fell below $20 billion for the first time since its inception in 2013. At the end of 2013, the value of assets was $30.62 billion and in nine years decreased by almost 40%.
Initially, the bulk of the assets of the investment company LetterOne were owned by businessmen Mikhail Fridman, German Khan, Alexey Kuzmichev and Petr Aven – in March 2022, they resigned from the board of directors. Later, German Khan and Alexey Kuzmichev transferred their shares to Andrey Kosogov, who is not under sanctions.
On September 19, sanctions against Mikhail Fridman were tightened by the British government, where the businessman has lived in recent years. After this the businessman told Bloomberg that he moved to Israel and is now in Moscow.
LetterOne also owns a 47.9% stake in Veon, which, according to Kommersant, last week agreed on the terms of the deal to transfer the Russian VimpelCom (Beeline brand). The asset will go to top management; the deal does not involve a buyback and will be completely cash-free.
Read more in the Kommersant article. “Vimpelcom at the machine”.
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