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Bailiffs raid BP's offices in Moscow | Bailiffs raid BP's offices in Moscow |
(40 minutes later) | |
BP has confirmed that bailiffs have entered its offices in Moscow. | BP has confirmed that bailiffs have entered its offices in Moscow. |
The company's spokesman in Moscow said their arrival was linked to a case in a regional court in Western Siberia relating to the collapse of the Arctic oil exploration deal with Rosneft. | The company's spokesman in Moscow said their arrival was linked to a case in a regional court in Western Siberia relating to the collapse of the Arctic oil exploration deal with Rosneft. |
The deal collapsed because of a legal challenge from its Russian partners in the joint venture TNK-BP. The deal has now been done with Exxon Mobil instead. | The deal collapsed because of a legal challenge from its Russian partners in the joint venture TNK-BP. The deal has now been done with Exxon Mobil instead. |
In a statement, BP said there were "no legitimate grounds for such a raid". | In a statement, BP said there were "no legitimate grounds for such a raid". |
The raid was on the offices of BP EOC, an exploration company, which BP said had no connection with the court case in Tyumen in Siberia. | The raid was on the offices of BP EOC, an exploration company, which BP said had no connection with the court case in Tyumen in Siberia. |
"If the Tyumen Court decision is allowed to stand, it means any party can raid a company's premises at will and examine all its documents," BP said. | "If the Tyumen Court decision is allowed to stand, it means any party can raid a company's premises at will and examine all its documents," BP said. |
"They are confidential and have no connection with any shareholders' issues." | "They are confidential and have no connection with any shareholders' issues." |
The case was brought by a minority shareholder in TNK-BP, Andrei Prokhorov, who alleges that two BP executives on the TNK-BP board must have known about the secret negotiations between BP and Rosneft. | |
He claims that their failure to tell other board members about the talks cost the venture 87bn roubles ($3bn; £1.8bn) in lost deals. | |
"We do not believe there is any legitimate basis whatsoever for the claim launched against BP in the Tyumen court and we intend to defend our interests vigorously," BP said. | |
'Sustained harassment' | 'Sustained harassment' |
BP signed up to a strategic alliance with state-owned Rosneft in January, but its existing partners in Russia said it had broken an agreement covering any other Russian oil business deals. | BP signed up to a strategic alliance with state-owned Rosneft in January, but its existing partners in Russia said it had broken an agreement covering any other Russian oil business deals. |
BP's management are well versed in the problems of doing business in Russia. | BP's management are well versed in the problems of doing business in Russia. |
Chief executive Robert Dudley was chief executive of the TNK-BP joint venture for five years until 2008, when he resigned as a result of "sustained harassment". | Chief executive Robert Dudley was chief executive of the TNK-BP joint venture for five years until 2008, when he resigned as a result of "sustained harassment". |
BP and the Russian billionaires' investment vehicle Alfa Access-Renova (AAR) each own a 50% stake in TNK-BP. | BP and the Russian billionaires' investment vehicle Alfa Access-Renova (AAR) each own a 50% stake in TNK-BP. |
In 2008, the British Embassy in Moscow criticised the way that AAR members had "manipulated elements of the Russian state bureaucracy" in their attempts to get Mr Dudley replaced. | |
TNK-BP faced lawsuits, visa rows and industrial spying claims. |