The European Bank for Reconstruction and Development (EBRD), a stakeholder in troubled Russian retailer Lenta, has denied reports that it is planning to sell its 11% stake in the business.

According to reports in RBK Daily, Lenta chairman Dimitry Kostygin said EBRD executives told him the bank is planning to transfer its stake to its “distressed assets” division, which according to Kostygin would mean the EBRD is willing to sell its stake.

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A spokesperson for the EBRD labelled the reports as “totally untrue”. He said the claims were based around comments by Kostygin, where he had “misreported” a “recent exchange involving one of our directors as proof to back this assertion up”.

Lenta has been mired in a shareholder dispute over the last six months, as investors have been disputing who should be CEO of the company.

Wal-Mart has been rumoured to be interested in taking over the retailer.

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