Chalva Tchigirinski: Russian Tycoon’s Fall Spurs Money Hunt

The oil producer offered the rich returns of Russia's vast energy sector but boasted Western management and a stock listing in London. It had political cover, too: Its top shareholder was Chalva Tchigirinski, a well-connected Russian billionaire who got his start peddling Orthodox icon paintings. Investors lapped it up, and the stock became the biggest by market capitalization on London's junior stock exchange.

It all crumbled this year as Mr. Tchigirinski's empire unraveled in the global financial crisis. When Sibir announced it had lent him hundreds of millions ...