Support The Moscow Times!

TNK-BP Holding Mulls Suit Against BP Directors

TNK-BP Holding may join a lawsuit brought by minority shareholders after the collapse of parent company BP's planned alliance with state-run Rosneft.

The board will consider taking part in the suit filed through the Tyumen Arbitration Court in Siberia at an Oct. 24 meeting, the Moscow-traded unit of BP's joint venture with a group of Russian billionaires said Tuesday in a regulatory filing.

Minority investor Andrei Prokhorov last month called on TNK-BP Holding and shareholders to participate in an 87 billion ruble ($2.8 billion) class action suit against the British explorer. BP failed to notify its Russian shareholders about the proposed share swap and Arctic exploration alliance with Rosneft that ended in failure, he said.

Prokhorov, who owns 0.0000106 percent of TNK-BP Holding, failed to meet the 1 percent ownership threshold needed to sue the board directors after the Tyumen court rejected his request to extend an Oct. 11 deadline, BP said last week. 

"The prerogative of deciding TBH participation in these legal proceedings lies within the exclusive jurisdiction of the board of directors of TNK-BP Holding and does not involve participation of the company's management," TNK-BP Holding said in a statement.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more