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Benzinga
Benzinga
Politics
Anusuya Lahiri

Goldman Sachs Pauses Relations With Sanctioned Oligarch Linked PE Firm: FT

NYSE European Union LetterOne GS Mikhail Fridman Petr Aven Alexey Kuzmichev Khan Goldman Sachs Nomura Holdings Inc
  • Goldman Sachs Group (NYSE:GS) and Kirkland & Ellis halted new business with Pamplona Capital Management, the Financial Times reports.
  • Sanctioned oligarch Mikhail Fridman's LetterOne investment group accounted for 80% of the funds of the $9 billion private equity firm. 
  • Waystone, a Cayman Islands firm, resigned from every role with Pamplona funds on 4 March, days after the EU imposed sanctions on Fridman and Petr Aven, another LetterOne shareholder. 
  • UBS Group AG (NYSE:UBS), Houlihan Lokey Inc (NYSE:HLI), and Nomura Holdings Inc (NYSE:NMR) also sought legal advice concerning private equity group. 
  • Pamplona also looked to separate itself from the group and wind down three funds. 
  • The U.K. and the EU sanctioned three of Letter One's top shareholders, Fridman, Aven, and German Khan, whose stakes were frozen after they stepped down. 
  • The EU also sanctioned another LetterOne founder, Alexey Kuzmichev. 
  • The above sanctions were in response to Russia's Ukraine invasion.
  • Price Action: GS shares closed higher by 0.16% at $336.16 on Thursday.
  • Image by Tumisu from Pixaby
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