Chelsea Owner in Court Battle
Russian oligarch Roman Abramovich today faces formal legal action in a Swiss court which could potentially lead to his assets in Chelsea football club being frozen.
Russian oligarch Roman Abramovich today faces formal legal action in a Swiss court which could potentially lead to his assets in Chelsea football club being frozen.
The European Bank for Reconstruction and Development - part-funded by the British taxpayer - said it was seeking to recover $17.4m (£9m) through proceedings in the Fribourg court against Mr Abramovich and a colleague.
Last night a war of words broke out between the Russian billionaire and the bank. Mr Abramovich's side accused the bank of "negligence" and warned he might bring a defamation case if certain allegations against him were repeated by the EBRD.
The Fribourg case centres on a loan given to a Swiss oil trading company, Runicom SA, which was controlled by Mr Abramovich and Eugene Shvidler, chief executive of Russia's Sibneft oil company.
Runicom claims it repaid the debt to the SBS Agro bank, which was in turn pledged to the EBRD. The European bank says the money disappeared and SBS Agro collapsed.
A spokesman for Mr Abramovich said suggestions that Chelsea assets were at risk were "far-fetched".
The European Bank for Reconstruction and Development - part-funded by the British taxpayer - said it was seeking to recover $17.4m (£9m) through proceedings in the Fribourg court against Mr Abramovich and a colleague.
Last night a war of words broke out between the Russian billionaire and the bank. Mr Abramovich's side accused the bank of "negligence" and warned he might bring a defamation case if certain allegations against him were repeated by the EBRD.
The Fribourg case centres on a loan given to a Swiss oil trading company, Runicom SA, which was controlled by Mr Abramovich and Eugene Shvidler, chief executive of Russia's Sibneft oil company.
Runicom claims it repaid the debt to the SBS Agro bank, which was in turn pledged to the EBRD. The European bank says the money disappeared and SBS Agro collapsed.
A spokesman for Mr Abramovich said suggestions that Chelsea assets were at risk were "far-fetched".
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