Sibir Takes Legal Battle Over Yugraneft to London Court

On November 14, the High Court in London appointed a Provisional Liquidator in England and Wales in respect of the Russian company OJSC ANK Yugraneft, which is presently in liquidation in Russia. The application was made by Sibir Energy plc and by OAO Moscow Oil & Gas Company, and was supported by the Russian liquidator, Mr. Kotov.

The court granted powers to the English Provisional Liquidator (Mr. Stephen Cork of Smith & Williamson) to issue proceedings in the Commercial Court in London on behalf of Yugraneft against Mr. Roman Abramovich, Millhouse Capital UK Limited and Boris Berezovsky. Those proceedings were issued on the same day and have been served on the defendants

The proceedings arise out of the dilution of Yugraneft's interest in a joint venture company Sibneft Yugra, and involve substantial claims to recover the proceeds of the diluted interest.

Henry Cameron, Chief Executive of Sibir, said: "This is now a matter for the Provisional Liquidator and the English Commercial Court in London".