Sibir Energy subsidiary raided in Moscow

MOSCOW, July 9 (UPI) -- Russian authorities raided offices of a subsidiary of the London-listed Sibir Energy in an apparent move to beleaguer a top shareholder, Chalva Tchigirinsky.

Law enforcement officials with the Russian Interior Ministry raided the Moscow office of Sibir subsidiary Magma, searching for documents related to two companies operated by Tchigirinsky.

The raids bear the hallmarks of a move to put pressure on Tchigirinsky, who faces a litany of allegations related to his 23.5 percent hold over Sibir, the Financial Times reports.

Tchigirinsky was linked to financial scandals regarding a $325 million loan backed by Sibir funds that he used to protect his lucrative property investments as the global markets collapsed in late 2008.

The crackdown also comes on the heels of a move by Gazprom Neft, the oil division of Russian energy giant Gazprom, to increase its stake in Sibir. Gazprom Neft in June increased its stake in Sibir through the acquisition of its largest shareholder, Bennfield, which held a 47 percent share in Sibir.

Tchigirinsky is believed to have fled Russia. His stake in Sibir is also contested by former associates.