Abramovich associate misled court in £1bn oil case, documents suggest

Leaked documents seen by the BBC suggest that Eugene Tenenbaum, a former director of Chelsea Football Club and a close associate of Roman Abramovich, may have misled a UK court in 2008. The case, which centred on the ownership of Siberian oil fields, involved claims of fraud and losses amounting to approximately £1bn.

The 2008 High Court Case

The 2008 proceedings were initiated by Yugraneft, a company owned by Russian billionaire Chalva Tchigirinsky, against Roman Abramovich's company, Sibneft. Yugraneft claimed it had been the victim of a substantial fraud, resulting in a loss of not less than $2 billion, which was equivalent to about £1bn at the time. Yugraneft alleged that its 50% interest in the joint venture, known as Sibneft-Yugra, had been significantly diluted without its knowledge.

Abramovich's legal team argued that Yugraneft had lost its rights over the shares due to its failure to repay loans exceeding $30m. The case was heard in London after unsuccessful attempts to sue Sibneft in Russia and the British Virgin Islands. Abramovich ultimately won the case, with the court ruling that Yugraneft's claim constituted an abuse of process.

New Evidence from Leaked Documents

However, a joint investigation by the BBC and the Bureau of Investigative Journalism, utilising leaked documents from a network of offshore companies, suggests the court may have been misled. These documents indicate a premeditated attempt by Abramovich to reduce the value of other investors' stakes in the Siberian venture.

During the 2008 trial, Tenenbaum testified that he only became aware of Sibneft-Yugra in the spring of 2004. He also stated that his searches of documents from 2002 to 2004 yielded no records or communications related to the joint venture. The leaked documents, however, show Tenenbaum authorising Abramovich's purchase of shares in Sibneft-Yugra in October 2003, several months before he claimed to have first learned of it. He authorised another financial deal related to the venture two months later.

Andrew Mitchell KC, an expert in financial services law, told Panorama that false evidence in such circumstances could have serious implications, potentially constituting perjury, an attempt to pervert the course of justice, or contempt of court.

Responses and Court Findings

Lawyers for Eugene Tenenbaum stated that he "denies in the strongest terms any suggestion that he committed perjury or contempt of court" and that he "gave his evidence honestly and in good faith", adding that he "cannot recall the context or detail of documents" from over 20 years ago. Roman Abramovich's lawyers maintain that their "client denies all the allegations made against him" and highlighted that the 2008 judgment made no finding of premeditation or fraud regarding the dilution, nor that their client received any property belonging to Yugraneft.

The judge in the 2008 case noted that Tenenbaum's knowledge of the Sibneft-Yugra deal would not have altered his decision. The leaked files also suggest that some documents presented by Abramovich's legal team to the High Court may have been falsified, with one agreement dated August 2003 appearing to have been created or signed in 2007.

Evidence within the leaked documents indicates that Abramovich's associates had prepared agreements in January 2002 for his companies to acquire shares in Sibneft-Yugra, suggesting a plan to dilute Yugraneft's interest was in place before the financing argument was presented in court.