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Spanish court to probe Russian tycoon's bid for supermarket chain: document


Added 10-22-19 12:04:02pm EST - “Spain's High Court will investigate whether Russian tycoon Mikhail Fridman deliberately acted to depress the share price of struggling supermarket chain DIA in his bid to take control of the group, a court document seen by Reuters…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Spanish court to probe Russian tycoon's bid for supermarket chain: document”. Below is an excerpt from the article.

MADRID (Reuters) - Spain's High Court will investigate whether Russian tycoon Mikhail Fridman deliberately acted to depress the share price of struggling supermarket chain DIA in his bid to take control of the group, a court document seen by Reuters showed.

Fridman's LetterOne fund snatched DIA from the brink of insolvency earlier this year after the retailer's failure to defend its customer base from rising competition lost it 90% of its market value in 2018.

In the document, Spain's Supreme Court gave the High Court a mandate to investigate anonymous accusations which it said indicate Fridman may have acted to manipulate prices, engaged in insider trading and damaged the interests of minority shareholders.

Two representatives for Fridman, one in Madrid and one in London, did not respond to several requests for comment by phone and text message.

"According to the accusation, LetterOne Investment Holdings (directed by Fridman), shareholder in DIA, maintained a heightened financial tension to lower the share price before buying the company," said the court document, dated Sept. 18.

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