TNK-BP Holding (TBH) confirms that TBH and TNK-BP Management are defendants in a series of lawsuits brought in the Tyumen Oblast and Moscow arbitration courts by CJSC Tetlis, — a minority shareholder in TBH.
Tetlis has filed suit to declare null and void the existing agreement between TNK-BP Management and BP Exploration Services to provide services by BP experts to TNK-BP.
The Tyumen Oblast Arbitration court issued an injunction prohibiting activities and payment for services of BP experts seconded to TNK-BP. The bailiffs served the injunction to the Company on May 5 2008. The preliminary hearing of the matter in the Tyumen Oblast Arbitration Court is scheduled for May 20th.
The management and shareholders of TNK-BP consider these actions to have no legal merit, and will make every effort possible to defend their position in accordance with Russian law.
Source: TNK-BP
