Abramovich Associate Accused of Misleading UK Court in £1 Billion Oil Case

One of Roman Abramovich's closest associates, Eugene Tenenbaum, may have misled a UK court in 2008 to help secure ownership of Siberian oil fields, according to leaked documents reviewed by the BBC.

Tenenbaum, a former director of Chelsea Football Club who managed Abramovich's wealth at the time, was a key witness in a case brought by another Russian billionaire, Chalva Tchigirinsky, who claimed the oil fields had been stolen from him and other investors. The leaked documents suggest a premeditated effort by Abramovich to devalue the other investors' stake in the venture.

Abramovich's legal team has stated that their client denies all allegations. Tenenbaum's lawyers have issued a strong denial of any suggestion of perjury or contempt of court.

The 2008 case centered on the ownership of Siberian oil fields, jointly developed by Abramovich's company Sibneft and Sibir Energy PLC, controlled by Tchigirinsky. Sibir's 50% interest in the joint venture, known as Sibneft-Yugra, was allegedly diluted to less than 1% without its knowledge.

In the High Court proceedings, Yugraneft, representing Sibir's interests, claimed to be the victim of a $2 billion fraud by Abramovich. Abramovich's defense argued that Yugraneft lost its rights due to its inability to repay over $30 million in loans. Abramovich ultimately won the case, with the judge ruling that Yugraneft's claim constituted an abuse of process.

However, a joint investigation by the BBC and the Bureau of Investigative Journalism, part of the broader International Consortium of Investigative Journalists' Cyprus Confidential project, has uncovered evidence suggesting the court was misled. This evidence comes from a leak of documents detailing Abramovich's finances and offshore company operations between 1995 and 2022.

During the 2008 trial, Tenenbaum testified that he only became aware of Sibneft-Yugra in the spring of 2004 and claimed to have no records or communications related to the joint venture from 2002 to 2004. However, the leaked documents indicate that Tenenbaum authorized Abramovich's purchase of shares in Sibneft-Yugra in October 2003, months before he claimed to have first learned of it. He also authorized another financial deal related to the venture two months later.

According to Andrew Mitchell KC, an expert in financial services law, providing false evidence in such circumstances could have serious legal ramifications, including perjury or contempt of court. Tenenbaum's lawyers maintain that he gave his evidence honestly and in good faith, and that he cannot recall the specific details of documents from over two decades ago.

The judge in the 2008 case stated that Tenenbaum's knowledge of the deal would not have altered his decision. Nevertheless, the leak also suggests that some documents submitted by Abramovich's legal team were falsified. One agreement, dated August 2003, appears to have been created and signed in 2007.

Abramovich's team had argued in court that Yugraneft's interest was diluted due to the need for financing. They claimed Tchigirinsky approached them in the spring of 2002 regarding new financing arrangements, a claim Tchigirinsky denies. The leaked documents show that Abramovich's associates had already prepared agreements in January 2002 for Abramovich's companies to acquire shares in Sibneft-Yugra, increasing his stake and diluting Yugraneft's. This suggests a pre-existing plan to dilute Yugraneft's interest, with the financing argument serving as a pretext.

Lawyers for Abramovich maintain that the judgment did not find the dilution to be premeditated or fraudulent. They added that the judge found their client did not receive any property belonging to Yugraneft, and no Yugraneft assets could be traced to him.