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Suit filed against Rusal over Glencore deal

08 april 2012, 17:28
0
Photo courtesy of bfm.ru
Photo courtesy of bfm.ru
The battle on the board of the world's top aluminum producer Rusal has reached a court in London, where a suit was filed over its deal with the commodities trader Glencore, AFP reports citing news reports.

A shareholder of the Sual company co-headed by Rusal's recently-resigned board chairman Viktor Vekselberg has filed arbitration papers over a $47 billion contract the metals giant signed with Glencore, Kommersant reported.

Kommersant said the Sual shareholder filed papers with an arbitration court in London on Wednesday. None of the parties involved have so far made any comment.

Sual had voted against assigning the contract to Glencore, which received the right to export up to half of all aluminum produced by Rusal through 2018.

Kommersant said the agreement was approved by the board despite Sual's use of its right to veto. Rusal is operated by its biggest shareholder and Russia's one-time richest man Oleg Deripaska, who serves as its chief executive.

Deripaska owns a 47.4-percent stake in Rusal through a subsidiary of his Basic Element holding.

Kommersant said Deripaska announced in early March that the deal with Glencore had already been signed. Vekselberg's resignation from the board followed on March 13.

Russia's RAPSI legal news agency said the suit was filed against Rusal, Deripaska, Glencore and En+, an energy group also owned by Deripaska.

Vekselberg said he was leaving over disagreements about the company's future strategy, warning it faced "a deep crisis" and boardroom disputes that made it difficult for the firm to handle its $11 billion in debt.

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