LetterOne, the investment group backed by Russian oligarchs who are under sanctions, has launched a legal challenge to overturn the decision taken by the UK government on national security grounds to force the sale of its broadband business Upp.
The claim for a judicial review will be a test for the UK’s National Security and Investment Act, which has so far been used only five times to block acquisitions of a business since it came into force at the start of last year. Four of those involved Chinese companies.
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