UK-listed Sibir Energy said Tuesday that it has opened court proceedings against its major shareholder, Shalva Chigirinsky, and former CEO Henry Cameron in connection with the unauthorized use of some $400 million of the Russian independent's money. The company said it is determined to recover the money and that the UK high court has put a worldwide freeze on Chigirinsky's assets, preventing him selling them. It also said it believes its share price may have been manipulated between "approximately 16 October 2008 and 31 October 2008 and that a significant number of the transactions in its shares between those dates was conducted using money that had been taken from the company."
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