There's an old Monty Python sketch in which a mild-mannered presenter introduces a production of Chekhov's "The Cherry Orchard", which then opens to the sound of oafish actors destroying the stage set.

The scene at Sibir Energy conjures up a similar image. Urbane City advisers - in particular Strand Partners, as nominated adviser to the Aim company (but also, as brokers, JPMorgan Cazenove and, lately, Merrill Lynch) - have helped stage a classic Russian drama. Now the curtain is fully open, it turns out to be a chaotic and embarrassing production that could potentially destroy or damage the reputation of many of those involved.