Russian oil company Sibir Energy has unveiled a $340 mln (EUR 265 mln) programme to buy hotels and distressed land projects from Chalva Tchigirinski, its key shareholder and a Russian billionaire who has seen the value of his investments plummet in the wake of the credit crisis. Shares in Sibir, which is listed on the London stock exchange, fell 40% on the announcement that it was buying property from Tchigirinski, which many Russian investors described as a huge 'corporate scandal'.
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