Sibir Energy, a London-based oil company, suspended chief executive Henry Cameron pending a probe into the real estate dealings of shareholder Shalva Chigirinsky that will take "months" to complete.
Cameron will continue to help the company "recover all monies owed by any Chigirinsky interest," Sibir said Wednesday. Cameron's deputy, Stuard Detmer, was named acting CEO.
Sibir was suspended from London trading on Feb. 19 after the company said businesses related to Chigirinsky owed the Siberian oil producer $210 million more than indicated in previous statements. A week earlier, Sibir said the former billionaire owed $307.4 million and agreed to sell an airplane and property in Russia, France and Britain to pay the debt by October.
