#AceFinanceNews – BRITAIN – April 26 – Vince Cable the Business Secretary, has been drawn into a row about the controversial takeover of a London-listed oil group that is reliant on funds from one of Russia’s largest banks.
Sky News has seen a letter sent by the Association of British Insurers (ABI) to Mr Cable warning him that the Stanlow refinery, which produces 15% of the UK’s transport fuel, is being used as collateral in a bid for Essar Energy.
Robert Hingley, an ABI director, said in the letter to Mr Cable that Essar Global, the vehicle of the billionaire Ruia brothers who want to buy the company, had failed to provide any indication of its plans for the Stanlow site in north-west England.
By highlighting the Russian provenance of the financing for the offer, the ABI’s intervention will escalate tensions over the cut-price bid by Essar Global for the…
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