U.K. Orders Sale Of Russian-Backed Broadband Firm, Citing Security Threat

Britain has ordered a Russian oligarch-backed investment company LetterOne to sell regional broadband provider Upp Corporation, saying its current ownership is a national-security risk. British Business Secretary Grant Shapps said on December 20 that the risk to national security relates to "the ownership of Upp...and Upp's expanding full fiber broadband network." LetterOne, or L1, whose owners include oligarchs Mikhail Fridman and Pyotr Aven, said it was disappointed by the decision ordering the sale of 100 percent of Upp. "We believe that L1 ownership of Upp is not a threat to national security in any way," the investment company said. To read the original story by Reuters, click here.