Russian oligarch s UK broadband deal sparks calls for crackdown
Mikhail Fridman s LetterOne is backing a £1bn plan by Upp to upgrade parts of the telecoms network in East Anglia
3 June 2021 • 6:00am
Campaigners are calling for a crackdown on foreign deals with telecom companies following a major investment in UK broadband infrastructure by the Russian billionaire Mikhail Fridman.
Tory MPs and foreign policy experts said that greater scrutiny is needed after LetterOne, an investment company co-founded by Mr Fridman, announced that it is backing a £1bn plan by the broadband builder Upp to upgrade parts of the network in East Anglia.
Drew Ritchie, Upp’s chief executive officer, on rolling out full fibre in Norfolk
- Credit: Upp
Full fibre broadband is coming to Norfolk s coastal and market towns following the announcement of a £1bn plan from Upp.
The operator is targeting Norfolk and Lincolnshire as part of radical plans to level up the regions by getting them better connected.
Drew Ritchie, Upp’s chief executive officer, said: We chose these two counties because when we looked at their broadband speed they were among the bottom for the whole of the UK. It was holding back individuals, entrepreneurs, SMEs, and it needed to be addressed.
Eurobites: Fridman investment vehicle backs UK fiber upstart lightreading.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lightreading.com Daily Mail and Mail on Sunday newspapers.
The eastern England broadband network has received £1bn of investment from Mikhail Fridman s LetterOne vehicle Upp said it is extensively using Openreach s infrastructure
BT Group PLC (LON:BT.A) is facing increased competition from various directions, with reports that a Russian billionaire is funding the rollout of a rival superfast broadband network coming a day after newly merged rival Virgin Media O2 set out its plan to “shake up the market”.
Upp, which is planning to roll out full-fibre broadband in eastern England, has announced that LetterOne investment group has taken up its £1bn equity financing in full.
LetterOne is controlled by Mikhail Fridman, a Ukranian-born,