Sibir announces that it has appointed its solicitors, Jones Day, and the accountants, Ernst & Young, to carry out an investigation into the actual and proposed real estate dealings with any Chalva Tchigirinski ("Tchigirinski") interest and any other related party transactions between a Tchigirinski interest and Sibir during 2008. For the avoidance of doubt, the Avtocard and Korimos transactions, which were approved by shareholders on December 18, 2008, will not form part of this investigation. 

 

In addition, Sibir announces that Henry Cameron, its Chief Executive Officer, has been suspended from all his executive duties (save as set out below) pending the result of the investigation. 

Henry Cameron will continue (notwithstanding the suspension of other executive duties) to assist Sibir on an ongoing basis to recover all monies owed by any Tchigirinski interest to Sibir.

In addition, Sibir announces that its Deputy Chief Executive, Stuard Detmer, has taken over as Acting Chief Executive Officer from Henry Cameron with immediate effect.