Scandal-hit Sibir Energy sacks and sues its chief

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Henry Cameron, 68, a Scots lawyer and oil-industry veteran, had been at the helm of Sibir as it struggled with of one of the biggest corporate governance scandals to hit a London-quoted company in years.

Cameron is being sued alongside major Sibir shareholder Chalva Tchigirinski for his role in secret loans paid from Sibir's funds to Tchigirinski to bail out the Russian's ailing Moscow property developments. The claims to claw back missing money could rise to $400 million (£271 million), Sibir said in its court deposition.

In a further twist, Sibir said: "The company has informed the Financial Services Authority that it believes the price of its shares may have been manipulated between approximately 16 October and 31 October, 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."

Sibir has also been granted court orders freezing Tchigirinski's bank accounts and assets.

Cameron has previously defended himself, saying: "Difficult times call for uncomfortable decisions. Doing business in Russia has never been for the faint-hearted and sometimes requires difficult calls in the boardroom."