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Sibir Went to London Court against Abramovich, Berezovsky
Sibir Energy went to the High Court in London against Roman Abramovich, his Millhouse Capital and Boris Berezovsky. The company seeks compensation for diluting the interest of its Yugraneft in joint venture Sibir Yugra. The analysts doubt that the claim will yield a lot but specify that it could be advantageously sold as a commercial asset.
Sibir Energy that is controlled by Shalva Chigirinsky, Igor Kesaev and Moscow government announced Friday that the High Court in London appointed Mr Stephen Cork of Smith & Williamson as Yugraneft's Provisional Liquidator in England and Wales.
On November 12, the company applied to the High Court to initiate bankruptcy proceedings under the Britain’s laws, said Khristofor Ivanyan of Ivanyan & Partners that stands for Sibir Energy. The application was supported by Russian liquidator Mikhail Kotov. Stephen Cork was appointed the liquidator on November 14. On the same day, he notified the Commercial Court in London about initiating proceedings against Roman Abramovich, Millhouse Capital and Boris Berezovsky.
The proceedings resulted from dilution of Yugraneft share in Sibir Yugra from 50 percent to less than 1 percent. Of interest is that Sibneft doesn’t stand as defendant under this suit.
Sibir Yugra was set up pari passu by Yugraneft (99.9 percent owned by Sibir Energy) and Sibneft (today’s Gazprom Neft) in 2000. In 2004, however, Sibir Energy leant that Yugraneft’s interest in Sibir Yugra narrowed to less than 1 percent - the venture had had two new issues and 99 percent in the company went to Sibneft and some offshore firms, the shares in which were further bought out by Ferenco (Cyprus), Richard & Gregory (BVI). Gazprom Neft controls shares in Moscow NPZ via Richard & Gregory.
According to Ivanyan, Berezovsky is one of defendants under the claim due to his continuous statements that he had owned Sibneft in partnership with Abramovich.
www.kommersant.com
All the Article in Russian as of Nov. 19, 2007
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