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AIM-listed Russian oil producer Sibir Energy said Tuesday that it was suing two ex-directors, including core shareholder Shalva Chigirinsky, in connection with unauthorized payments.
The claim against Chigirinsky and Henry Cameron currently stands at $328 million and is expected to rise to $400 million, the company said.
The company said it and two subsidiaries filed the claim in the Russian High Court in connection with alleged unauthorized payments Sibir had highlighted in February.
Sibir also said it believed its share price had been manipulated from Oct. 16 to Oct. 31. The shares are expected to remain suspended for the foreseeable future.
A Russian newspaper reported last month that oil and real estate tycoon Chigirinsky had given up his main Russian businesses and left the country for the United States.
In February, Cameron was suspended as CEO pending an investigation into Sibir's real estate dealings with Chigirinsky, although the company said Cameron would continue helping it "recover all monies owed by any Chigirinsky interest."
(Reuters, MT)
Sibir Sues Chigirinsky for $328M
07 April 2009
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