TNK-BP refuses to join lawsuit

The board of TNK-BP, the Russian oil joint venture owned by BP and the quartet of oligarchs in AAR, has voted against joining a minority shareholder in a $13bn (£8bn) lawsuit against the British oil major.

The shareholder in TNK-BP's listed subsidiary is seeking damages of more than $13bn from BP and two nominees on the board, arguing that BP caused the venture to miss out on a lucrative tie-up with the state-owned Rosneft. The minority shareholder cannot proceed with the lawsuit unless he is backed by at least 1 per cent of shareholders.