The arrest of a Russian billionaire has sent shares in his holding company into a tailspin.
Vladimir Yevtushenkov, who is worth $9billion (£5.5billion), according to the Russian Forbes magazine, was placed under house arrest late yesterday in a money-laundering probe.
The case has drawn comparisons with a government crackdown on the Yukos oil company more than a decade ago.
Shares in Sistema, a company Yevtushenkov controls and manages, collapsed by 28% in the first half hour of trading at Moscow’s MICEX stock exchange today.
Sistema controls Russia’s largest mobile phone operator MTS, oil company Bashneft and other lucrative assets. MTS was down by 8% and Bashneft lower by 12% in early trading.