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Bailiffs continue to search and seize documents at BP office in Moscow

11:45 01/09/2011

MOSCOW, September 1 - RAPSI. Bailiffs are continuing to search and seize documents at the Moscow office of BP on Thursday, the Federal Bailiffs Service told RIA Novosti.

The source said that the bailiffs are strictly abiding by the law in their search and seizure.

On Wednesday, 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 told "Prime" agency that the company intends to appeal the Tyumen Region Commercial Court decision that is serving as a basis for the search.

The Tyumen 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.

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Bailiffs continue to search and seize documents at BP office in Moscow

11:45 01/09/2011 Bailiffs are continuing to search and seize documents at the Moscow office of BP on Thursday.
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