TNK-BP Votes Against Suit

By The Moscow Times

Oct. 24, 2011

The board of TNK-BP Holding voted Monday against joining a minority shareholder in a lawsuit against British oil major BP, a spokesman for BP in Moscow said.

"The board of directors voted against joining the lawsuit at its meeting," Vladimir Buyanov said.

Andrei Prokhorov, a minority shareholder in TNK-BP Holding, the listed subsidiary of TNK-BP Ltd., the 50-50 joint venture of BP and a quartet of billionaires, is seeking damages of more than $13 billion from BP and nominees on the board of TNK-BP Holding Peter Charow and Richard Sloan, in connection with BP's attempt to secure an exploration and share-swap deal with state-

controlled Rosneft. Prokhorov needed support from other TNK-BP shareholders to validate his lawsuit.

(Reuters)

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