BP Appeals against Russian $3 Bln Award

Russia's Eighth Commercial Court of Appeals has set October 25 as the date to hear BP Russian Investment Limited's (BPRI) appeal against a court decision in a case filed by TNK-BP minority shareholder Andrei Prokhorov, awarding 100.4 billion rubles ($3.21 billion) to TNK-BP, the court spokesperson said. The Tyumen Regional Commercial Court partially upheld Prokhorov's claims on August 6. Prokhorov had filed a suit for 288 billion rubles ($9.23 billion) in damages against BPRI and BP plc. The legal action stems from the allegation that BP PLC (parent company of BP Russian Investments Limited) and BP Russian Investments Limited, acting as TNK-BP Limited shareholders, forced their boards to turn down a proposal by TNK-BP Holding for a strategic partnership with Rosneft and a purchase of its shares. This lost opportunity allegedly inflicted losses on TNK-BP Holding. According to BP attorney Konstantin Lukoyanov, the lawsuits against the BP companies are absurd and frivolous.

http://www.rapsinews.com/judicial_news/20120925/264774261.html
http://www.bfm.ru/articles/2012/07/27/prohorov-zarabotal-dlja-tnk-bp-holdinga-100-mlrd-rublej.html