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TNK-BP Counsel Sends Warning To BP Executive In Rosneft Deal

Published Monday, 31st January 2011 02:17 am - © 2011 Dow Jones

(Updates with quote from the letter)

LONDON -(Dow Jones)- The legal counsel for TNK-BP, an alliance between BP PLC (BP, BP.LN) and Russian shareholders, has written to a BP executive warning it may have claims against him over a deal between the U.K. oil giant and Rosneft (ROSN.RS), according to a copy of the letter seen by Dow Jones Newswires.

The letter also asks the executive to stay away from any further talks to implement the deal.

In the letter sent to BP Russia's head, David Peattie, TNK-BP counsel Igor Maydannik said the venture may have claims against the executive, saying he breached his duty as a TNK-BP board member for not informing the board in time about the Rosneft talks.

The letter said "TNK-BP is putting you on notice that it may have claims against you for breach of fiduciary duty and intends to bring those claims to recover any losses that may have been suffered as a result of these breaches by you or any profits that may have been made (or will be made) as a result of the breaches of fiduciary duty."

"TNK-BP is asking you to confirm that you will not take any further steps to negotiate or implement any part of the strategic alliance with Rosneft," it added.

BP wasn't immediately available to comment on the letter.

The legal warning is separate from a court injunction filed by TNK-BP's Russia shareholders, Alfa-Access-Renova.

-By Benoit Faucon, Reporter, Dow Jones; +44 77 601 777 36

--James Herron contributed to this article.

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