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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 raided its offices in Moscow. | BP has confirmed that bailiffs have raided its offices in Moscow. |
The company said their arrival was linked to a case in a regional court in Western Siberia relating to the collapse of BP's Arctic oil exploration deal with Rosneft. | The company said their arrival was linked to a case in a regional court in Western Siberia relating to the collapse of BP's 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." |
Lost deals | Lost deals |
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. | 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 the two executives then frustrated TNK-BP's attempts to replace BP in the deal with Rosneft, costing the venture 87bn roubles ($3bn; £1.8bn). | He claims that the two executives then frustrated TNK-BP's attempts to replace BP in the deal with Rosneft, costing the venture 87bn roubles ($3bn; £1.8bn). |
BP's existing Russian partners opposed the BP alliance with Rosneft signed in January, claiming it broke an agreement precluding other Russian oil business deals. | BP's existing Russian partners opposed the BP alliance with Rosneft signed in January, claiming it broke an agreement precluding other Russian oil business 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. | "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. |
But one of Mr Prokhorov's lawyers told the Interfax news agency that BP had failed to present documents that were needed for the inquiry. | But one of Mr Prokhorov's lawyers told the Interfax news agency that BP had failed to present documents that were needed for the inquiry. |
"If the documents are there, they will be confiscated and transferred to the Tyumen arbitration court," he said. | "If the documents are there, they will be confiscated and transferred to the Tyumen arbitration court," he said. |
Interfax also said that all staff at the BP office had been told to go home for the day, except top executives and company lawyers. | Interfax also said that all staff at the BP office had been told to go home for the day, except top executives and company lawyers. |
BP and the Russian billionaires' investment vehicle Alfa Access-Renova (AAR) each own a 50% stake in TNK-BP Ltd. | BP and the Russian billionaires' investment vehicle Alfa Access-Renova (AAR) each own a 50% stake in TNK-BP Ltd. |
TNK-BP Ltd, in turn, owns 95% of TNK-BP Holdings, the other 5% of which is held by small, minority shareholders, including Mr Prokhorov. | TNK-BP Ltd, in turn, owns 95% of TNK-BP Holdings, the other 5% of which is held by small, minority shareholders, including Mr Prokhorov. |
"It is unclear why the court executives chose to raid the BP office only a day after the Exxon Mobil-Rosneft deal," said Lilit Gevorgyan, Russia analyst at IHS Gloabl Insight. | |
"It is most likely to be coincidence, which happens to be a symbolic display of the US company's rising fortunes in Russia against the failing luck of the British giant." | |
'Sustained harassment' | 'Sustained harassment' |
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 Bob 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 Bob Dudley was chief executive of the TNK-BP joint venture for five years until 2008, when he resigned as a result of "sustained harassment". |
At the time, 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. | At the time, 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. | TNK-BP faced lawsuits, visa rows and industrial spying claims. |