Sibir investigates Tchigirinski property

Sibir has appointed solicitors and accountants to investigate the actual and proposed real estate dealings of Chalva Tchigirinski, a former company director and shareholder in Sibir who took an ‘advance' from the company of US$ 325 million (€ 256 million) for the purchase of properties in his real estate portfolio.

As previously reported, Sibir was associated with a proposed buy-out of Russian Land assets. It would appear this was a personal acquisition by Mr Tchigirinski and Sibir has now called a General Meeting to approve the cancellation of all major property acquisitions by Mr Tchigirinski.

While Sibir investigates the dealings, it has suspended its CEO Henry Cameron. Stuard Detmer, the company's deputy chief executive will take over as acting CEO.

Mr Tchigirinski has agreed to sell the properties in his real estate portfolio to repay the debt to Sibir.