Perthshire country house amidst Russian High Court battle
The Tower of Lethendy is at the centre of a High Court battle between Russia and a bank founder.
The property is one of Scotland’s most luxurious country houses, located in rural Perthshire, with a private golf course, two tennis courts, an outdoor pool, two gate lodges and two cottages.
The house is one of 140 properties and businesses across the globe which Russia is trying to acquire from Boris Mints and his family.
In trying to acquire such properties, Russia is attempting to receive £570 million from Boris Mints. Mr Mints is the co-founder of Otkritie, the largest bank in a group known as the Moscow “banking circle”, which have used state support and huge transactions to grow their balance sheets rapidly. Three of these banks collapsed within months of each other, necessitating bailouts from the Russian central bank in 2017.
The High Court in London has accordingly prevented Mr Mints and his three sons from selling £470m in assets. The Russian Central Bank, which owns Otkritie, is seeking £570m. The central bank filed a £1 billion action in July against Otkritie’s former owners and senior executives to cover the losses it has suffered since the bailout.
Mr Mints’s fortune was previously estimated at £1bn by Forbes in 2017. The house is believed to have been purchased by the Mints Family Trust in 2016 when it was valued at £4.6m. Singer Taylor Swift was among those believed to have been interested in the property at the time.
Papers lodged at the High Court say that the claimants, National Bank Trust and Bank Otkritie, “have permission to apply to the Court of Session for the purpose of obtaining a warrant of inhibition with the Registers of Scotland in respect of property known as the Tower of Lethendy”.
Following a request from Russia’s Bank of Non-core Assets, on June 28, the court issued a freezing order. At the request of Mr Mints and his legal team, on July 11 the order was replaced with one preventing them only from selling or transferring the property to anyone.
The Tower of Lendethy is currently owned by a company called MFT Braveheart, registered in the Cayman Islands, court papers show. Mr Mints could not be reached for comment.
Mr Mints and his sons deny wrongdoing and are due to contest the allegations at arbitration in April.