The High Court’s Commercial Court in London holds July 9 the first sitting dedicated to the lawsuit filed by Sibir Energy of Shalva Chigirinsky, on the photo, against Millhouse Capital, the investment company of Roman Abramovich.
Photo: Pavel Smertin
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London Court Sets to Chigirinsky vs Abramovich Trial
The High Court’s Commercial Court in London holds July 9 the first sitting dedicated to the lawsuit of Shalva Chigirinsky’s Sibir Energy against Millhouse Capital, the investment company of Roman Abramovich, Vedomosti reported Wednesday.
Sibir Energy subsidiary, Yugraneft, went to law seeking billions of dollars in damages and claiming that its stake in Sibneft-Yugra venture of Sibir Energy and Gazprom Neft (which former name was Sibneft) had been illegally diluted.
The stake of Chigirinsky’s company in the venture narrowed from 50 percent to 1 percent as a result of the new stocks’ issues that were held in December of 2003. Sibir Energy lawyers blamed the reduction on illegal actions of Sibneft and went to law for justice.
The court of the Virgin Islands overruled the suit against Sibneft and affiliated firms in May of 2006 and around a half of all trials at Russia’s courts ended not in Sibir Energy’s favor.
In November of 2007, Yugraneft filed to the court in London a suit against former owner of Sibneft Roman Abramovich, Millhouse Capital and Boris Berezovsky, who might have had a share in Sibneft. The claimed amount hasn’t been disclosed but the sources say it could be from $4 billion to $7 billion.
Millhouse Capital is able to defend itself against the suits of Sibir Energy from April of 2008, once it bought out from Gazprom Neft the debts of Yugraneft worth $17,000. Nowadays, Millhouse Capital could be recognized as Yugraneft creditor under Britain’s law and challenge the suits of Sibir Energy.
Sibneft-Yugra is licensed to develop southern portion of Priobie field with the proven reserves of 300 million tons of crude oil. The company is one of key production arms of Gazprom Neft.
www.kommersant.com
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