A FOREIGN exchange firm allowed a sanctioned Russian oligarch to withdraw cash from an ATM because its staff didn’t work weekends.
Wise was rebuked by the Government for not having sufficient checks.
Vladimir Potanin was able to withdraw cash from an ATM as WISE staff didn’t work on weekends
A Treasury report revealed an unnamed “person of interest” withdrew £250 in cash using their business debit account with Wise.
Government records show mining tycoon Vladimir Potanin — Russia’s second richest man and Vladimir Putin’s ice hockey pal — was added to the UK sanctions list on June 29 and put on Wise’s list the same day.
The Treasury’s documents found that while the withdrawal should have triggered an alarm, it was not reviewed until two days later because the firm’s “sanctions specialist team did not operate weekend working”.
Wise shares initially fell by 3.5 per cent yesterday.
They largely recovered after it became clear that a financial penalty would not be imposed.
Instead, the Treasury said that because it was a small sum, and Wise had come forward with the error, it would only be naming and shaming the firm.
Wise, formerly known as TransferWise, has changed its policy and beefed up its specialist sanctions team, including introducing weekend working.
The warning came a day before its Estonian founder, Kristo Kaarmann, starts an “overdue” three-month sabbatical to look after his family.
MIKE UPS HIS STAKES
Mike Ashley is building stakes in both Boohoo and ASOS.
SPORTS Direct tycoon and casino fan Mike Ashley is hedging his bets on who will win in a fast-fashion fight, after building stakes in both Boohoo and ASOS.
Frasers Group, which Mr Ashley founded and still has a 72 per cent stake in, has a long track record of hoovering up positions in weaker retailers.
As well as big stakes in electrical rivals AO World and Currys, Frasers Group revealed it had raised its stake in Boohoo to 9.1 per cent.
The move comes just a week after it bumped up its stake in Asos to 19.3 per cent.
Both of the online retailers saw a big jump in their shares yesterday.
WILKO’S WHITE KNIGHT SPURNED
HUNDREDS of jobs at Wilko will be lost after a supposed white knight for the bankrupt chain could not provide basic proof of funds for a deal.
Private equity firm M2 Capital had made a surprise last-minute offer of £90million last Friday claiming it could save all Wilko’s shops, keep staff and give them a big pay rise.
Sources said the offer seemed too good to be true and questioned the private equity firm’s credibility.
In a farcical turn of events M2 Capital chairman Robert Mantse said he had lined up financing from British businessman Michael Flacks.
But Mr Flacks rubbished the claims, telling SE he had already told Mr Mantse he had “no interest” in Wilko.
Administrators are still in talks with HMV owner Doug Putman, who is understood to want to keep Wilko’s presence alive on the high street.
Mr Putman has expressed an interest in taking up to 350 stores but not its warehouses or headquarters.
If talks fail, Wilko will likely be carved up by rivals such as B&M and Home Bargains.