Former trade minister becomes deputy chairman of LetterOne Group, whose licence could be revoked by UK as part of possible sanctions on Russian owners
Mervyn Davies, Britain’s former trade minister, has been named deputy chairman of a Russian-owned oil and gas business threatened with the loss of its North sea exploration licence following a row with ministers. Davies, a former chairman and chief executive of Standard Chartered bank, will oversee a shake-up at the holding company owned by Russian tycoon Mikhail Fridman’s LetterOne Group.
He will be charged with establishing “blue-chip corporate governance standards” at LetterOne, while the company considers disposing of North sea gas fields that it acquired from German utility RWE.