Support The Moscow Times!

BP Wins as Court Rejects Lawsuits

BP gained a victory in a pair of lawsuits as a Siberian court rejected 496 billion rubles ($16 billion) of claims brought by a minority shareholder in TNK- BP Holding.

Andrei Prokhorov, leading a group of minority investors who filed the cases, failed to prove that TNK-BP suffered 409 billion rubles of lost profit after BP's planned alliance with Rosneft collapsed this year, said Konstantin Lukoyanov, a lawyer for the British explorer.

The shareholder also failed to attract enough support to proceed with an 87 billion ruble suit against BP's directors on the TNK-BP Holding board, said Vladimir Buyanov, a BP spokesman in Moscow. Prokhorov will appeal the decisions, his lawyers said Friday in e-mailed statements.

Prokhorov, who owns 0.0000106 percent of TNK-BP Holding, said the directors failed to disclose information on the alliance. The shareholder failed to attract enough support to cross the 1 percent ownership threshold needed to sue board directors when an Oct. 11 deadline expired, BP said last month. TNK-BP Holding's board rejected a motion on joining the class-action suit on Oct. 24.

… 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.

Continue

Read more