Sanctioned Russian oligarch’s charity launches legal action against Barclays
The Potanin Foundation, a UK charity of its Russian sister organisation, the Vladimir Potanin Foundation, has launched legal action against Barclays Bank in London via advisory firm Forvis Mazars.
Founded in 2006 by the former Deputy Prime Minister of Russia, Vladimir Potanin, the organisation has focused on education, culture, and philanthropy.
The charity was intervened in by the UK Charity Commission in 2023, and Potanin, who has been sanctioned by the UK, was removed for failing to resign from the charity.
The Potanin Foundation is currently under the control of an appointed interim manager, Guy Hollander, director of Forvis Mazars. Hollander has taken over the management and administration of the charity, including oversight of its assets and assessment of its future viability.
The foundation has held significant investment assets, valued at over £60m by the end of 2023, according to Charity Commission records.
According to court records seen by Morning Wire, Forvis Mazars, along with The Potanin Foundation, instructed law firm Keidan Harrison to file legal action against Barclays Bank.
Barclays is listed as having instructed law firm Addleshaw Goddard for its defence.
The claim was filed on Wednesday in the London Circuit Commercial Court, a specialist High Court that handles business disputes of moderate complexity, generally under £1m.
It is not clear what this dispute is about.
In 2023, numerous publications reported that Barclays began providing banking services to the Potanin Foundation after JP Morgan severed ties with the foundation in 2022.
When approached for comment, a spokesperson for Forvis Mazars told Morning Wire, “Guy Hollander, a director within the Forvis Mazars restructuring services team, is the interim manager of The Potanin Foundation, having been appointed to that role by the Charity Commission.”
“The proceedings relate to actions taken by him in that capacity. We are not in a position to comment further at this time,” the spokesperson added.
A Charity Commission spokesperson added, “Our inquiry into the charity, which includes considering the viability of the charity and how to safeguard its assets, is ongoing. As this is a live investigation, we cannot comment further.”
Barclays Bank declined to comment.