Abramovich associate misled UK court in £1bn oil-fields case, documents suggest

Leaked papers point to premeditated effort to cut rival investors' stake in Siberian venture

By LineZotpaper
Published
Read Time2 min
Leaked documents suggest Eugene Tenenbaum, one of Roman Abramovich's closest associates and a former Chelsea Football Club director, misled a UK court in a 2008 case over the ownership of Siberian oil fields, a case Abramovich won. Both men deny any wrongdoing through their lawyers.

The documents, seen by the BBC and the Bureau of Investigative Journalism, relate to proceedings brought in London by a company owned by Russian billionaire Chalva Tchigirinsky, who claimed the oil fields had been stolen from him and other investors.

At the time of the case, Tenenbaum was helping to manage Abramovich's wealth and gave evidence during the proceedings. The leaked documents now suggest there was a premeditated attempt by Abramovich to reduce the value of the other investors' stake in the Siberian venture.

The dispute centred on oil fields developed jointly between Abramovich's company, Sibneft, and the Russian subsidiary of the British company Sibir Energy PLC, owned by Tchigirinsky. Sibneft contributed money, while the subsidiary Yugraneft provided the licences for the oil fields.

The partnership, known as Sibneft-Yugra, ended acrimoniously. Sibir's 50% interest in the joint venture had been diluted to less than 1%, which it said was done without its knowledge. Unsuccessful attempts to sue Sibneft in both Russia and the British Virgin Islands led to the court proceedings in London.

At the 2008 hearing, Yugraneft claimed to have been the victim of a massive fraud directed by Abramovich.

Roman Abramovich's lawyers say their client denies all the allegations made against him. Lawyers for Tenenbaum say he denies in the strongest terms any suggestion that he committed perjury or contempt of court.

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Analysis

Why This Matters

  • A £1bn ownership dispute between two Russian billionaires played out in a London court, and the leak casts doubt on whether that court was fairly presented with evidence.
  • Allegations of perjury or contempt against a close associate of Abramovich carry serious legal consequences in the UK.
  • The case illustrates how British courts have become a venue for disputes among Russian oligarchs, a pattern now under scrutiny.

Background

Roman Abramovich is a Russian billionaire best known internationally for his former ownership of Chelsea Football Club. This dispute dates to a mid-2000s joint venture between Sibneft and Sibir Energy to develop Siberian oil fields, which collapsed amid claims that one partner's stake was quietly diluted. Litigation in Russia and the British Virgin Islands failed before the matter reached London.

Key Perspectives

Tenenbaum's lawyers: They deny in the strongest terms any suggestion of perjury or contempt of court. Abramovich's lawyers: They deny all allegations made against him, maintaining his position in the case. Sibir Energy and Tchigirinsky: Their side claimed the oil fields were stolen and that its interest was stripped without knowledge, which prompted the original proceedings. Critics and legal observers: The leaked documents raise questions about the reliability of evidence given in London, and whether further action will follow.

What to Watch

  • Whether the leaked documents prompt any fresh legal challenge or referral to court authorities in the UK.
  • Any response from Abramovich or Tenenbaum beyond the existing denials, including possible legal action over the leak itself.
  • Whether further documents emerge that corroborate or undermine the suggestion of a premeditated plan.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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