Jones Day's work advising AIM-listed Sibir Energy in relation to allegations of fraud against two former directors has attracted glowing praise from the company's board. "Under the inspired leadership of Craig Shuttleworth the tactics have been impeccable," said director and former chief executive Stuard Detmer.

Jones Day was instructed on the case, which has generated a large amount of press coverage, in February 2009. The firm's London and Moscow offices worked closely with Ernst & Young to analyse a mountain of data in a process that also involved interviews with more than 25 company employees and agents. Within seven weeks, Sibir commenced proceedings against two former directors and two associated companies and obtained freezing orders to an aggregate value of £500m. Ancillary proceedings and freezing orders have also been either commenced or obtained in the British Virgin Islands.

Although the proceedings are ongoing, the team has recorded a number of successes. These include the recovery of $83m (£50m) through tracing exercises and two orders for summary judgment valued at $370m (£222m). The initial investigation and subsequent pursuit of proceedings has involved lawyers in nine jurisdictions, often working hand-in-hand with the firm's corporate team, given the company's ongoing AIM-related obligations and the legislative and regulatory restrictions on the activities of publicly-listed companies.

The complexity of the case has been exacerbated by the acquisition of a controlling interest in Sibir Energy by Russian state energy company JSC Gazprom Neft. The significance of the case is demonstrated by the calibre of the other law firms that have been instructed. They include Clifford Chance, Allen & Overy, Slaughter & May, Herbert Smith and Lovells.

The judges praised Jones Day for demonstrating how it had helped the business. "You get a tangible sense of how their successes are making a real difference," said one panel member.

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