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EXCLUSIVE-BP Russian arm in Siberian court blow

Tue May 13, 2008 10:37pm IST
 
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MOSCOW, May 13 (Reuters) - BP's (BP.L: Quote, Profile, Research) Russian venture TNK-BP said on Tuesday that court action by a local brokerage had forced it to stop using key specialist staff, the latest problem to hit the firm as a struggle rages over its ownership.

A TNK-BP spokesman said a small Moscow brokerage named Tetlis had lodged a claim in a regional court in Tyumen alleging that TNK-BP's service agreement governing the use of BP specialists was improper.

Tetlis claimed that the agreement constituted a special dividend to one shareholder and disadvantaged others, he added. The court issued an injunction against TNK-BP to halt activities under the agreement and stop making payments.

"Both the claim and the injunction we don't believe have any solid legal basis and we will be continuing to pursue our legal options," the TNK-BP spokesman said.

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