The board of TNK-BP Holding, half owned by BP, on Monday voted against an initiative to join a minority shareholder in a $13 billion lawsuit against the British major, a spokesman for BP in Moscow told Reuters.
“The board of directors voted against joining the lawsuit at its meeting,” Vladimir Buyanov said.
BP and the quartet of billionaires who own the other half of Russia’s third-largest oil producer clashed over BP’s attempt to secure an exploration and share-swap deal with state-controlled Rosneft .
A minority shareholder in the listed subsidiary of 50-50 joint venture TNK-BP Ltd, TNK-BP Holding, is seeking damages of over $13 billion in a Russian court from BP and two nominees on the board of TNK-BP Holding, Peter Charow and Richard Sloan.
He needed more support from other TNK-BP shareholders to validate his claims.
