Pugachev's fight suffers setbacks

Sergei Pugachev, the Russian billionaire who lives in London with the socialite Alexandra Tolstoy, has suffered a series of setbacks in his attempts to stave off a civil legal action alleging fraud and embezzlement.

Mr Pugachev is alleged to have stolen money awarded to his bank in Russia under the government bailout programme – a charge he denies – and is fighting a freeze on his assets.

However, his lawyers yesterday announced they had ceased representing him and he was ordered by the Court of Appeal to disclose more about certain trusts he allegedly controls.

AP