Business / Finance

Ex-Labour minister lands 32m windfall after Russians ousted

Logo Daily MailDaily Mail
2023-06-09 20:50:27  • 2 mins

Windfall: Lord Davies (pictured with his wife, Lady Jeanne Davies)

A City grandee has scooped 32m from Holland & Barrett's owner as he cashes in after ousting its sanction-hit Russian founders.

Lord Davies who served as a minister for trade under Gordon Brown took over the running of the private equity firm Letter One after its bosses were sanctioned following the invasion of Ukraine in February last year.

The Russian owners, including oligarchs Mikhail Fridman, Petr Aven, German Khan and Alexei Kuzmichev, were cut off from the group's decision-making, with their shares effectively frozen and dividends stopped.

Continue read on dailymail.co.uk

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