Tenenbaum Faces Court Questions Over Siberian Oil Case

Leaked documents reviewed by BBC suggest Eugene Tenenbaum, a former Chelsea Football Club director who managed Roman Abramovich's wealth, may have misled a UK court during a 2008 dispute over ownership of Siberian oil fields involving Abramovich's company Sibneft and Sibir Energy PLC's subsidiary Yugraneft. The case involved Sibneft-Yugra, a joint venture between Sibneft and Yugraneft, where Sibir Energy's 50% interest was reduced to less than 1%, according to the BBC. Yugraneft argued the change caused losses of not less than $2 billion, worth about £1bn in 2008. Yugraneft claimed in the High Court that it had suffered from a fraud involving the dilution of its stake, while Abramovich's legal team argued the shares were reduced after Yugraneft failed to repay loans exceeding $30m.

"To have been the victim of a massive fraud directed by Mr Abramovich" was Yugraneft's claim in the 2008 proceedings. The company said it had suffered a loss of "not less that $2 billion" in the dispute.

Documents leaked from a network of offshore companies administered from Cyprus between 1995 and 2022 suggest Tenenbaum approved transactions connected to Sibneft-Yugra before he said he became aware of the venture. "He only became aware of Sibneft-Yugra in Spring 2004," Tenenbaum testified, according to the court record.

Tenenbaum also told the court he had "searched" his "files, emails and documents from 2002 to 2004" and had in his "possession no records or documents or other communications that relate to Sibneft-Yugra". The leaked documents reviewed by BBC indicate he authorized Abramovich's purchase of shares in the joint venture in October 2003 and approved another related financial transaction two months later.

Andrew Mitchell KC, an expert in financial services law, said the allegations would have serious legal implications if the evidence was false. "Very serious" consequences could follow if Tenenbaum's evidence was false, Mitchell said, adding it could "range from being perjury, to an attempt to pervert the course of justice, to being a contempt of the court". Tenenbaum's lawyers defended his testimony, saying he had provided evidence honestly and could not remember details of documents created more than 20 years earlier.

"He gave his evidence honestly and in good faith" was the response from Tenenbaum's lawyers regarding his 2008 testimony.

His lawyers added that he "cannot recall the context or detail of documents" from that period. Abramovich's lawyers rejected the allegations and said the 2008 judgment did not establish that the dilution was planned in advance or fraudulent. "The Judgment made no finding that the dilution was premeditated" was the statement from Abramovich's lawyers.

The lawyers also said the court had not found the process "fraudulent".

They further stated, "The Judge found that our client received no property belonging to Yugraneft, and that no Yugraneft asset could be traced into his hands."