City mayor accuses Chelsea tycoon of fraud

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August 01, 2005

Times
By Jeremy Page



YURI LUZHKOV, the Mayor of Moscow, has threatened to sue Roman Abramovich, the owner of Chelsea FC, for allegedly stealing the city’s share in an oil joint venture.

Mr Luzhkov accused Mr Abramovich, who controls Sibneft, the Russian oil company, of fraudulently acquiring a 49 per cent stake in Sibneft-Yugra.

“We are ready to bring this issue before the Russian and British justice systems and we are convinced we will win,” Mr Luzhkov said. The mayor said the stake was worth “the equivalent of Moscow’s oil needs for 40 years”.

John Mann, a spokesman for Mr Abramovich, said: “The city of Moscow is not and never was a partner in this venture, so I’m at a loss to understand why they want to get involved.”

http://www.timesonline.co.uk/article/0,,3-1716174,00.html