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

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Spain's High Court will investigate allegations that Russian tycoon Mikhail...

MADRID - Spain’s High Court will investigate allegations that Russian tycoon Mikhail Fridman acted to depress the share price of DIA when trying to take control of the supermarket chain, a court document seen by Reuters showed.

LetterOne rescued DIA from the brink of insolvency this year after the retailer’s market value fell by 90% in 2018 as it lost out to rising competition. The court document cites a police report alleging that Fridman acted in a coordinated and concerted way through a network of corporations to create short-term illiquidity in the company and lower the share price before launching his takeover.

 

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