Рейтинг@Mail.ru
RusEng

News

BPs appeal against search at its Moscow office to be heard on October 7

14:40 01/09/2011

MOSCOW, September 1 - RAPSI, Sergei Feklyunin. Omsks Eighth Commercial Court of Appeals will hear on October 7 an appeal filed by BP Exploration Operating Company Limited against a Tyumen Region lower court decision that has served as the basis for authorities search and seizure of documents at BPs Moscow office, a court spokesperson told the Russian Legal Information Agency (RAPSI).

Bailiffs continued their search and seizure today of documents at BPs Moscow office, the Federal Bailiffs Service earlier reported to RIA Novosti.

On Wednesday, August 31, bailiffs reviewed documents at the office of BP Exploration Operating Company in connection with a lawsuit filed by TNK-BP Holdings minority shareholders against board members Peter A. Charow and Richard S. Sloan. The suit, for 87.112 billion rubles ($3 billion), is related to the companys failure to enter into an agreement with Rosneft.

Jeremy Huck, BPs representative in Russia, earlier said that the company intends to appeal the Tyumen Region Commercial Court decision that is serving as a basis for the search.

The Tyumen Region Commercial Court earlier approved interim measures in the minority shareholders lawsuit.

BP and Rosneft agreed to a share swap (5 percent of BP shares for 9.5 percent of Rosneft shares) and joint development of the Russian Arctic shelf in January. However, the AAR Consortium, representing Russian TNK-BP shareholders, blocked execution of the agreement. Negotiations on the agreement were terminated in June.

The minority shareholders maintain that TNK-BPs refusal to approve the agreement violated ТNК-ВР shareholder interests.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:
Preview:

BPs appeal against search at its Moscow office to be heard on October 7

14:40 01/09/2011 Omsks Eighth Commercial Court of Appeals will hear on October 7 an appeal filed by BP Exploration Operating Company Limited against a Tyumen Region lower court decision that has served as the basis for authorities search and seizure of documents at BPs Moscow office.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news