Bloomberg News

BP Wins Siberian Court Appeal on Bailiff Raids of Moscow Office

October 10, 2011

Oct. 10 (Bloomberg) -- BP Plc won an appeal against a Tyumen court decision that had allowed document searches of its Moscow offices as a minority owner in OAO TNK-BP Holding seeks damages after the collapse of an alliance with OAO Rosneft.

BP won the appeal in an Omsk court today, the U.K. explorer and lawyers for the shareholder, Andrey Prokhorov, said in separate e-mailed statements. Bailiffs conducted a two-day search of BP Exploration Operating Co. in Moscow starting on Aug. 31.

Prokhorov is seeking damages from BP and the U.K. explorer’s representatives on the TNK-BP Holding board, saying the collapse in May of a planned Arctic alliance and share swap between BP and Rosneft caused TNK-BP to lose out on potential profit of 154 billion rubles ($4.8 billion), according to his lawyer’s statement.

“We can ask the court to demand the required documents in the course of the hearing,” Prokhorov’s lawyer, Dmitry Chepurenko, said in the statement.

BP said the Tyumen court’s earlier decision had no merit as Prokhorov holds less than 1 percent in a minimum threshold needed to sue the board members, and because the court had no jurisdiction, according to the e-mailed statement from its Moscow office. BP said TNK-BP suffered no lost profit as Rosneft didn’t consider it a possible partner.

Prokhorov holds 0.0000106 percent of TNK-BP Holding, according to BP.

--Editors: Torrey Clark, Will Kennedy

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.


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