MADRID, Jan 18 (Reuters) - Spain's High Court has dropped an
investigation into allegations that Russian tycoon Mikhail
Fridman acted to depress the share price of DIA while
trying to take over the supermarket chain, two judicial sources
told Reuters on Monday.
Following a drawn-out takeover bid, Fridman's LetterOne fund
took control of the loss-making retailer in 2019 and rescued it
from the brink of insolvency after DIA's market value fell by
90% in 2018 as it lost out to rising competition.
The High Court had been investigating since October 2019
whether Fridman may have acted to manipulate prices, engaged in
insider trading and damaged the interests of minority
But after requesting information from the CNMV market
watchdog and financial crime police unit UDEF, the court agreed
to drop the inquiry as investigators could not prove the
accusations, one of the sources said.
The prosecutor also asked to close the case, the other
source added. Both sources asked not to be named.
LetterOne declined to comment.
(Reporting by Emma Pinedo; editing by Andrei Khalip and Barbara