Jones Day’s work advising AIM-listed Sibir Energy in relation to allegations of fraud against two former directors has attracted glowing praise from the company’s board. “Under the inspired leadership of Craig Shuttleworth the tactics have been impeccable,” said director and former chief executive Stuard Detmer.
Jones Day was instructed on the case, which has generated a large amount of press coverage, in February 2009. The firm’s London and Moscow offices worked closely with Ernst & Young to analyse a mountain of data in a process that also involved interviews with more than 25 company employees and agents. Within seven weeks, Sibir commenced proceedings against two former directors and two associated companies and obtained freezing orders to an aggregate value of £500m. Ancillary proceedings and freezing orders have also been either commenced or obtained in the British Virgin Islands.
