Detsky Mir block cancelled as court freezes Sistema assets

Vladimir Yevtushenkov PA 230x150
By Aidan Gregory, Jon Hay
14 Dec 2017

Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, has been forced to cancel the $70m sale of Detsky Mir shares it conducted on Monday night, after some of its assets, including its stake in the toy store, were frozen by an arbitration court in the Republic of Bashkortostan.

Credit Suisse and Morgan Stanley had led the transaction on Monday night. Sistema sold a 5% stake in Detsky Mir, while the Russia-China Investment Fund also sold a 1.3% stake.

"We had done a lot of due diligence beforehand, and asked all the right questions," said a banker involved ...

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