Russian-backed investment fund tied to influential U.S. corporate consulting firm
An investment fund backed by Russian oligarchs that have been sanctioned by the European Union following the invasion of Ukraine has ties to Teneo, an influential corporate advisory firm based in the United States.
The public relations and strategy giant was hired in 2020 by LetterOne, a private equity firm based out of Luxembourg that counts sanctioned billionaires Mikhail Fridman, who is a native of Ukraine, and Petr Aven among its cofounders. The contract appears to have paid Teneo more than $3.6 million to line up interviews and consult on media strategy in the U.S.
LetterOne was founded by Fridman, Aven, Alexei Kuzmichev, Andrei Kosogov and German Khan — all of whom are some of the wealthiest business leaders based in Russia. All five founders have been on LetterOne's board, with Fridman as the chairman, according to data from PitchBook reviewed by CNBC. The executives launched the firm in 2013 after establishing Alfa Group, one of the largest conglomerates in Russia.
Fridman and Aven have been accused by the E.U. of having ties to Russian President Vladimir Putin, claims that were denied in an emailed statement to CNBC. The statement did not answer any of CNBC's questions on LetterOne's work with Teneo or how the investment fund is planning to move ahead now that two of their founders have been sanctioned. Fridman's bank, Alfa Bank, has also been sanctioned by the United States. He's called on the war in Ukraine to end.
After CNBC asked a LetterOne representative on Monday about their business, including their relationship with Teneo, several pages of their website, including the «our people» section, appear to have been wiped as of Tuesday morning. An error message now appears on that section which listed the
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