TNK-BP Holders Rejected Dividend
The Sunday Telegraph of Britain reported that BP had blocked payment of dividend to TNK-BP holders worth $1.8 billion.
The crucial decision was made at the meeting of BOD of TNK-BP Limited (TNK-BP is 50/50 controlled by BP and a consortium of Russia’s holders, AAR, via this firm). People in BP, don’t comment on the report of The Sunday Telegraph, but in AAR, they say the decision had been agreed on.
In the company, they acknowledge that the Board of Directors weighed the payment of $900 million to each holder. But both ÂÐ and AAR agreed that, with today’s market environment, it would be better to develop the company for its own account rather than by raising loans.
www.kommersant.com
All the Article in Russian as of July 21, 2008
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Photo: Alexey Kudenko
