Financial Times FT.com

Brazen billionaire bail-out is a warning to the City

By Andrew Hill

Published: December 4 2008 02:00 | Last updated: December 4 2008 02:00

The financial crisis is deepening, credit is ever scarcer, property prices are tumbling. Let's radically change strategy, increase debt and buy undeveloped real estate from our largest shareholder. Are you in?

Unfortunately, while minority shareholders in Aim's Sibir Energy will be given the chance to answer that question at a meeting on December 18, their answer almost certainly won't count. Sibir's outrageous plan to spend their money bailing out Chalva Tchigirinski, who owns most of the real estate in question, is likely to go through on the nod, backed by other large Russian investors.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this