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Lawsuit of TNK-BP minority shareholders to be heard on November 10

14:25 12/10/2011

MOSCOW, October 12 - RAPSI, Sergei Feklyunin. The court will hear on November 10 TNK-BP minority shareholders' lawsuit against TNK-BP board members Peter Anthony Charow and Richard Scott Sloan, Vladimir Buyanov, a representative of BP Russian Investment Limited, told the Russian Legal Information Agency (RAPSI).

The minority shareholders sue the board members for the losses resulted from the failed cooperation with Russian oil giant Rosneft.

RosneftRosneft

Rosneft and BP agreed to swap shares in January. BP agreed to swap a five-percent stake in the company for a 9.5-percent stake of the ordinary shares in the Russian oil producer as a part of their efforts to jointly explore Russia's Arctic shelf. However, the AAR consortium, which represented the interests of the ТНК-BP Russian shareholders, blocked the deal. The parties cut off the negotiations in June.

The minority shareholders claim that the TNK-BP shareholders' interests were damaged due to the failed cooperation between BP and Rosneft to explore the Arctic shelf and swap shares.

The Tyumen Commercial Court on July 19 ordered ВР to submit several dozen documents related to its frustrated partnership with Rosneft and several internal documents.

The court bailiffs searched BP's office in Moscow on August 31 and September 1 and seized documents related to the case. The searches sparked a public outcry.

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Lawsuit of TNK-BP minority shareholders to be heard on November 10

14:25 12/10/2011 The court will hear on November 10 TNK-BP minority shareholders' lawsuit against TNK-BP board members Peter Anthony Charow and Richard Scott Sloan, Vladimir Buyanov, a representative of BP Russian Investment Limited.
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