TNK-BP Says BP's Peattie May Have Breached Duty During Roseneft Share Swap
TNK-BP management accused board member David Peattie of a potential breach of fiduciary duty for his part in negotiating BP Plc’s share swap with OAO Rosneft, according to a copy of a letter sent to Peattie and read by Bloomberg News.
“TNK-BP considers that the failure by you to advise the TNK-BP Board” is a “potential breach of your fiduciary duty as a director of TNK-BP,” said the letter, signed by TNK-BP’s executive vice president for legal support, Igor Maydannik.
Peattie is head of BP in Russia and represents the London- based company on TNK-BP’s board. He said in an e-mail that he received a letter from Maydannik and declined to comment on its contents.
BP agreed on Jan. 14 to swap a $7.8 billion stake in BP for 9.5 percent of Rosneft. The two also agreed to explore an area of Russia’s Arctic waters about the size of the U.K. North Sea. BP’s billionaire partners in TNK-BP, represented by AAR group, have said the deal breaches the shareholders agreement of Russia’s third-largest oil company.
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