UK prepares to sue Abramovich over 2.4bn proceeds of Chelsea FC sale

"We gave Roman Abramovich his last chance to do the right thing. Once again, he has failed to make the donation he committed to. We will now take further steps to ensure that the promise he made at the time of the Chelsea sale is kept."

"Abramovich sold Chelsea in 2022 under pressure from the British government after the Russian invasion of Ukraine. Because he was under sanctions at the time, the government granted him a licence to sell the London club as long as the money was spent supporting the victims of the Ukraine war."

"Since then, the two sides have been deadlocked over whether the money should be spent exclusively in Ukraine or whether it can be used elsewhere. The funds are in a UK bank account controlled by Abramovich's company, Fordstam."

Roman Abramovich missed a March 17 deadline to release £2.4bn raised from selling Chelsea FC to the UK government. The funds were meant for Ukrainian humanitarian purposes following his 2022 sale under government pressure after Russia's invasion. A dispute has stalled the process over whether money can be spent exclusively in Ukraine or elsewhere. UK officials now prepare court proceedings to enforce the commitment. The funds remain in a UK bank account controlled by Abramovich's company, Fordstam. Aid charities support legal action but warn delays harm Ukraine. Jersey authorities may investigate whether the funds constitute proceeds of crime. Approximately £200m in accrued interest remains unresolved.

Read at www.theguardian.com