Did LetterOne discover false accounts upon investing in Dia?

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LetterOne Discovered Irregularities in Dia's Accounts Upon Initial Investment

LetterOne found that Dia's financial accounts were not accurate at the time of its initial investment in the supermarket chain in 2017. These irregularities were identified during the process of acquiring a stake in the company, indicating issues with the reported financial status of Dia.
Discovery of False Accounts

Upon its first purchase of shares in Dia in 2017, LetterOne identified that the company's accounts were misrepresented. The investment firm uncovered specific irregularities within the financial records presented by Dia.
Financial Context of Investment

When LetterOne initially invested in Dia in 2017, the company's shares were trading at approximately 4.50 euros. This contrasts sharply with the offer price of 0.67 euros per share when LetterOne later launched a hostile takeover bid, highlighting a significant decline in perceived value.
Impact on LetterOne's Investment

Fridman stated that LetterOne has invested a total of 1.6 billion euros in Dia. He described himself and his company as the "prime victim" of Dia's financial difficulties, asserting that shareholders, including LetterOne, lost around 90 percent of their initial investment.

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Did LetterOne discover false accounts upon investing in Dia?

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