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14 Jan, 2008 07:01

UK royal may sell out to tycoon

A nephew of Queen Elizabeth II of Great Britain, David Linley, is reported to be selling his stake in his furniture and design business to a Russian corporate tycoon.

The potential buyer is Sergey Pugachev, a member of Russia's Federation Council, who's also a friend to President Putin.

Pugachev's fortune is estimated at $U.S. 6.8 billion.

The sides are currently in talks.