LetterOne
LetterOne Holdings S.A. (LetterOne) is an international investment business based in Luxembourg. Its investments are focused on the telecoms, technology and energy sectors through its two main business units, L1 Energy and L1 Technology. Businessman Mikhail Fridman set up LetterOne in 2013 as part of a broader new investment vehicle using the proceeds from the sale of TNK-BP. Fridman and co-founder Petr Aven stepped down from the company in early March 2022, after the EU imposed sanctions on them in the wake of the Russian invasion of Ukraine. Major assets. As of 31 December 2014 assets managed  by LetterOne amounted to approximately $25bn. The sources of these assets are funds from the sale of TNK-BP, but also from assets invested in prior to the L1 Group's formation. These include VimpelCom, Turkcell and private equity investments. The company has announced plans to invest in global oil, gas, telecoms and technology sectors. On 4 March 2015, the Secretary of State for Energy and Climate Change, Ed Davey, gave Fridman a one-week deadline to convince the UK government not to force him to sell the newly acquired North Sea oil and gas assets. A senior western  oil executive said the UK was entering "uncharted territory" by intervening publicly in a corporate transaction over fears of the effect of future sanctions against Russia. In October 2015 LetterOne sold its North Sea Oil fields to Ineos, the chemical company, for an undisclosed sum. The "Financial Times" has since reported that LetterOne has been told in a letter from a senior government official that the previous Energy Secretary's decision to require the sale of the North Sea fields ‘is not a judgement on the suitability of LetterOne’s owners to control these or any other assets in the  UK. On 14 October 2015 LetterOne Group announced that it had agreed a deal to acquire German utility Eon’s interests in three producing Norwegian fields, located in the North Sea. Norway’s oil minister said that approval would be handled ‘in the usual way’ Sectors and investment. The two main business units, L1 Energy and L1 Technology are supported by L1 Treasury Services, which managed the group's liquidity and financial investments, including private equity holdings. LetterOne currently invests through strategic equity holdings in listed companies, or through the ownership of private companies. Lord Browne is the Executive Chairman  of L1 Energy. L1 Energy. L1 Energy is an oil and gas investment company controlled by the Russian billionaire Mikhail Fridman, through Alfa Group, and chaired by Lord Browne. On 2 March 2015, it was announced that Lord Browne was the Executive Chairman, and would be renouncing his other roles to build a major new oil and gas company from scratch. In October 2021, Lord Browne left LetterOne as well as his duties of chairman of the board of directors of Wintershell Dea, where LetterOne`s share is equal to 33%. Private equity. Pamplona Capital Management. LetterOne invests extensively via its  participation in Pamplona private equity funds. Pamplona is a specialist investment manager that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. They manage assets for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Board of directors. The board of directors of the L1 Group is the company's highest decision making body and is responsible for setting the investment strategy and making investment decisions.