Tycoon hands over villa and mansion to Sibir

The Russian tycoon Shalva Chigirinsky has pledged his French Riviera villa and proceeds from the sale of his London mansion to Sibir Energy, the London-listed oil company he holds a 46 per cent stake in.

Sibir, which is suing Mr Chigirinsky for $400m (£251m) in connection with an attempt to sell his Russian property portfolio to the company, yesterday said it was seeking "further security as soon as possible" from him.