Estonians’ oil business in Russia runs into trouble

23.01.2013, 09:47

Indrek Rahumaa who in Estonia is a bitter dispute with Oliver Kruuda has run into problems in Russia, where his oil business has run into management problems, writes Äripäev.

Namely, Oleg Popov, the Russian business partner of Indrek Rahumaa and Jürgen Lamp removed the two Estonians from the management board of Selena Oil & Gas Holding.

Popov said that Rahumaa and Lamp attempted to organise a hostile takeover of his company that owns oil fields in the Urals and Perm areas.

Popov also seems to accuse the Estonians for failing to keep their promises, among others, listing Popov’s Russian oil company in Stockholm to raise additional capital and make it the area’s second-largest oil producer after Lukoil.

Rahumaa denies having done anything nothing wrong and claims that Popov himself had embezzled funds from the company.

According to Estonian businessmen, they have asked the Russian and Swedish law enforcement agencies to investigate the matter.

“Our Russian business partner moved the subsidiary of the Swedish company into private ownership. We have been financing the business for two years. It’s now at the hands of the Russian and Swedish police,” said Rahumaa.