Spanish Court to Probe Russian Tycoon's Bid for DIA Supermarket Chain

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, Reuters reported. Fridman’s LetterOne fund denied the allegations on Tuesday, saying in a statement they were “untrue and defamatory”. 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. Spain’s Supreme Court gave the High Court a mandate to investigate anonymous accusations which it said indicated Fridman may have acted to manipulate prices, engaged in insider trading and damaged the interests of minority shareholders, the court document seen by Reuters showed. Read more