In an article dated April 21 entitled “Show us the money” we wrongly made allegations about the source of Andrey Yakunin’s wealth and the legitimacy of his business interests.

The Ham&High accepts that these references to Mr Yakunin and his firm VIY Management were reliant on speculation and innuendo for which there is no evidence and that his property transactions and business dealings have never been anything other than entirely legitimate. Further, there is no evidence that he is any way associated with the ‘corrupt regimes’ mentioned elsewhere in the article.

The article should not have been published in the form in which it appeared and we would like to take this opportunity to apologise to Mr Yakunin for the distress it has caused him.

We have agreed to pay Mr Yakunin’s legal costs.

The article has been republished by third parties without our permission. We are doing our best to ensure the removal of these publications.