Sibir shares frozen in puzzle over loan

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A row broke out last year after Sibir agreed to bail out the private business interests of Chalva Tchigirinski, its deal-doing Russian middleman and leading backer.

However, the plan agreed by Sibir chief executive Henry Cameron was withdrawn after institutional shareholders went ballistic. AIM-listed Russian oil producer Sibir later said it had advanced Tchigirinski $115 million (£81 million) to refinance his Sovietsky Hotel and Moscow's New Sovietskaya property development, but planned to recoup the cash.

Today, however, Sibir suspended trading in its own shares as the board was forced to reveal that Tchigirinski had in fact been given $325 million. Sibir is now conducting an inquiry into how this happened.