Bloomberg News

TNK-BP Minority Investors Seek Presidential Protection in Letter

January 12, 2012

Jan. 12 (Bloomberg) -- Minority shareholders in OAO TNK-BP Holding, the traded unit of a Russian oil venture half-owned by BP Plc, asked President Dmitry Medvedev to protect their rights as they seek damages from the board representatives for the U.K. energy company.

The six minority shareholders say they were threatened with criminal prosecutions after filing a suit against the BP directors, according to an open letter published today in the Vedomosti newspaper, which was published as an advertisement. They also asked Medvedev to order a hearing of their complaint.

A Tyumen court rejected two suits last year from the shareholders, who claimed damages in connection with BP’s failed share swap and Arctic exploration alliance with OAO Rosneft, Russia’s biggest oil producer. BP said the claims were groundless as TNK-BP couldn’t suffer lost profit from the deal.

TNK-BP’s press service declined to immediately comment on the letter.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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