Mikhail Fridman and associates facing uncertain legal battle in London

A trial is currently ongoing in London involving a group of Russian billionaires from Alfa Group and the former British spy, Christopher Steele. Steele’s dossier alleged ties between Moscow and Donald Trump’s campaign, identifying Mikhail Fridman, Petr Aven, and German Khan as “creatures of the Kremlin” who facilitated the transfer of “large amounts of illicit cash” to Vladimir Putin in the 1990s. The billionaires have vehemently denied any connections to Trump’s campaign and have taken legal action against Steele for defamation in a bid to clear their names.

Hugh Tomlinson, the attorney representing Fridman and his associates, emphasized their concern that Steele’s report could mislead people into believing they have a corrupt relationship with President Putin. They maintain that their interactions with Russia’s leaders were simply those of a typical business group engaging with the government. Seeking compensation for the misuse of their data, the trio is determined to defend their reputation in the face of damaging accusations.

Despite their efforts, a similar lawsuit filed by Fridman in the U.S. back in April 2018 faced a setback when it was dismissed just four months later. The U.S. judge ruled that Steele’s dossier, which scrutinized Russian influence on the presidential election, served the public interest, undermining the claims brought forth by Fridman and his business partners.

Apart from the legal battle unfolding in London, Mikhail Fridman is entangled in other jurisdictions with ongoing lawsuits. In Moscow, a dispute has arisen between Fridman and Elena Baturina, the second wealthiest woman in Russia and the former President of the construction and development company Inteco. Allegations suggest that Fridman’s A1 holding aims to extract 13.8 billion rubles from Baturina through questionable dealings related to her brother Victor’s bankruptcy, a claim Baturina has vehemently refuted as baseless.

However, a more troubling lawsuit emerges in Spain, where Spanish prosecutors have accused Fridman of various offenses, including raider attacks, market manipulation, fraudulent insolvency, business corruption, and misuse of company assets. The accusations center around Fridman’s alleged actions that led to the insolvency of Spanish company Zed Worldwide SA, allowing him to acquire it at a significantly reduced price. Furthermore, Fridman’s involvement in the embattled Spanish supermarket chain, Dia, has raised concerns of price manipulation and insider trading, prompting investigations by Spain’s High Court.

Despite Fridman’s denial of all charges during his court appearance in Madrid, the legal scrutiny continues, with the Court maintaining his ‘accused’ status in the Zed case. The ongoing legal battles in multiple jurisdictions underscore the precarious position Fridman finds himself in, facing accusations of malpractice and questionable business practices.