Gettys sue Gazprom

The Getty family, led by Mark Getty, grandson of oil billionaire John Paul Getty, will launch lawsuits today against Gazprom, Russia's part state-owned gas monopoly, in the high court in London and the American Arbitration Association in New York. The Getty family, led by Mark Getty, grandson of oil billionaire John Paul Getty, will launch lawsuits today against Gazprom, Russia's part state-owned gas monopoly, in the high court in London and the American Arbitration Association in New York. "I would prefer not to be seeking legal redress in courts," said Mr Getty. "But how do foreign companies operate in circumstances in which there is not enough transparency or a clear enough road map giving international investors confidence that they can not only put money in but that they can get it out?" When the Gettys decided to put money into Russian oil nearly four years ago, they did not expect to become embroiled in lawsuits involving the world's biggest natural gas producer in order to recover the investment. But what started out as a straightforward sale of its oil asset in Russia's Orenburg region, ultimately to the China National Petroleum Corporation, has led to a legal battle spanning three continents. Last year, Magnum Oil, owner of Victory Oil, the company backed by the Gettys, decided to sell its 61.8 per cent holding in Stimul, the oil and gas joint venture with Orenburggazprom, a regional subsidiary of Gazprom, through an auction process that produced about 10 bidders, including Gazprom.