SIBUR Search, Arrests May Have Been Motivated by Gazprom

The Interfax news agency, quoting "trustworthy sources," said that gas giant Gazprom, controlling SIBUR majority share, asked the Prosecutor General's office to launch a criminal case against the company. Following the search 3 unidentified SIBUR executives were arrested. The information department of the Prosecutor General's office reportedly confirmed that a criminal case has been launched following a written request of Gazprom management and that a number of people have been arrested. Gazprom said a number of assets, worth 2,6 billion roubles and belonging to Gazprom affiliates has been illegally sold. SIBUR, established in 1995 by presidential decree to stem the disintegration of Russia's petrochemical industry, is a Gazprom affiliated. Gazprom holds a majority 51 percent stake in the company.