A group of minority shareholders in BP PLC's (BP) Russian joint venture TNK-BP Holding (TNBP.RS), who are claiming $13 billion in damages from the U.K. oil major, have filed a new law suit to have a recent vote by the TNK-BP's board declared illegal.
A group of minority shareholders in BP PLC's (BP) Russian joint venture
TNK-BP Holding (TNBP.RS), who are claiming $13 billion in damages from the U.K.
oil major, have filed a new law suit to have a recent vote by the TNK-BP's
board declared illegal.
According to a statement published Thursday by a law firm representing the
minority shareholders, a vote by the TNK-BP board on Oct. 24 not to join their
$13 billion in damages claim was illegal, because two BP members of the board
participated in the vote.
The two board members, Richard Scott Sloan and Peter Anthony Charow, are the
subject of part of that $13 billion claim against BP and therefore were
ineligible to vote, the minority shareholders said.
Last month, the minority shareholders asked TNK-BP to join the law suit against
the
U.K.
company.
The new law suit to declare the board vote illegal was filed in the Arbitration
Court of Russia's Tyumen Region, where TNK-BP Holding is registered.
The minority shareholders allege that BP-nominated board members in May acted
against the interest of TNK-BP by voting against a proposal by the joint
venture to replace BP in a $16 billion share swap and Arctic exploration deal
with state oil producer OAO Rosneft (ROSN.RS).
BP announced the Rosneft tie-up in January, but the deal was blocked in court
by BP's partners in TNK-BP--a consortium of Soviet-born businessmen known as
Alfa-Access-Renova--who claim that under their shareholder agreement, BP must
pursue all projects within
Russia
through the joint venture.
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