Suit Against TNK-BP Tossed

The eighth arbitration appeal court in Omsk upheld the ruling of the arbitration court of the Tyumen region that dismissed Andrei Prokhorov's claim against TNK-BP Holding board members Peter Anthony Charow and Richard Sloan, BP Russia Investment said in a statement Thursday.

Prokhorov, who owns 0.0000106 percent of shares of TNK-BP Holding, filed two lawsuits on August 9, 2011, against BP Russian Investment, BP and board members of TNK-BP Holding.

Prokhorov sought to recover 496 billion rubles ($16 billion) in lost profits to TNK-BP allegedly incurred by the company due to nonparticipation in the potential Arctic deal with Rosneft.

(MT)

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