The EU General Court delivered its judgement in case T-1117/23, rejecting a de-listing application submitted by Russian-Uzbek billionaire Alisher Usmanov, 71, while confirming that he owns a “non-controlling” stake in USM Holding, which owns metallurgical and telecom assets in Russia.
The judgement, delivered on September 3rd, states that while Usmanov is a major shareholder of USM with a 49 percent stake, “it is true that this is a non-controlling stake.” The ruling confirms that Usmanov, who is under EU sanctions as a “leading businessperson” with alleged close ties to the Russian government and whose assets in the European Union are frozen, has no control over the company. Usmanov dismissed the allegations and insisted he is retired from business years ago.
