December 13 – Funds from Roman Abramovich’s sale of Chelsea that were supposed to go to victims of the war in Ukraine have still not been released 18 months after the sale because of a disagreement over how to use them, according to UK reports.
The disagreement is reported to be holding up release of the frozen £2.5 billion proceeds from the sale of the club by the billionaire oligarch who was sanctioned in March last year as the government sought to freeze the assets of individuals believed to have connections to Vladimir Putin.
Abramovich said the proceeds would be used “for the benefit of all victims of the war in Ukraine” when announcing his decision to sell the club a month after Russia’s invasion of Ukraine.
However, the government is refusing to release the proceeds unless it is guaranteed that the money only goes to Ukrainians in Ukraine, not elsewhere.
“The proceeds from the sale are frozen in a UK bank account,” Europe Minister Leo Docherty told the House of Lords European Affairs Committee on Tuesday.
“We’re now going through a process of independent experts establishing a foundation to manage the money. The key difference… is whether the funds get used in Ukraine or for Ukrainians outside of Ukraine. It’s not quick, it’s not easy but we’ve got to ensure this attends to the needs of Ukrainians in Ukraine and not elsewhere.”
Chelsea’s £4.25 billion sale to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital was completed in May last year. Abramovich bought Chelsea for £140 million in 2003.
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