Templeton Uniting

Templeton Emerging Markets Group Chief Executive Chairman Mark Mobius said minority shareholders of TNK-BP Holding are uniting to protect their interests, Vedomosti reported yesterday. Mobius didn’t immediately respond to an e-mailed request for comment.

“You can’t describe the way Rosneft has been treating TNK- BP minorities with appropriate words, ” said Stanislav Kopylov, who helps manage about $3. 4 billion at UralSib Asset Management in Moscow, adding that its interest is small enough that the fund “isn’t sensitive to these actions. ”

Last year, Prosperity headed an effort to protect shareholders’ interests before being “rebuffed” by Rosneft, Kopylov said by phone. UralSib Asset Management hasn’t yet been invited to cooperate with other TNK-BP investors, he said.

“Any talks about Moscow as a global financial center and jacking up Russia’s ranking in global corruption indexes now sound like a bad joke, ” Timo Rossi, a portfolio manager at Northern Star, a Helsinki-based fund that manages about 70 million euros in assets, said by e-mail. The fund has about 4 million shares in TNK-BP, he said.

“One does not need to be an economist to understand how damaging Mr. Sechin’s comments are to an economy increasingly dependent on foreign capital. ”

To contact the reporters on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg. net; Jake Rudnitsky in Moscow at jrudnitsky@bloomberg. net; Jason Corcoran in Moscow at jcorcoran13@bloomberg. net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg. net

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