14 | 07 | 2009

Market Update

The Board of Sibir announced on the 22nd May 2009 that it had obtained security from Mr Chalva Tchigirinski and his related interests over the proceeds of any future sale of Hugh House, 7A Eaton Square, London SW1W 9DA ("Hugh House"). 

The Board announces that the sale of Hugh House has now been completed and that Sibir  has received £17,024,108.18 of the proceeds of sale, which has been applied by it in reducing the indebtedness of Mr Chalva Tchigirinski and his related interests to Sibir. 

The Company’s investigation into various actual and proposed transactions with Mr Tchigirinski and interests controlled by him in 2008 continues, as do the associated recovery efforts in respect of amounts advanced by the Group in connection with those transactions.

Enquiries to:

Stuard Detmer, CEO

Moscow +7 495 792 3045

Igor M. Tsibelman, First Deputy CEO

Moscow: +7 (495) 790 78 40

Rory Murphy, Strand Partners Limited

London +44 (0) 7409 3494

Nick Miles, M: Communications

London +44 (0) 20 7153 1535