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Aluminum Giants Caught in Court Battle
Edited by : AL CIRCLE
1 min read
Rusal, the world's largest aluminum producer, confirmed that its shareholder, another aluminum giant SUAL Partners Ltd, filed a statement of claim with the London Court of International Arbitration last week, Rusal reports.
SUAL Partners Ltd is owned by Russian billionaire Viktor Vekselberg and Leonard Blavatnik.
The defendants also include the Glencore trading company (which holds a 8.75-percent stake in Rusal), En+ Group Limited, and its owner Oleg Deripaska. The dispute concerns some arrangements between the parties.
SUAL Partners, which has a 15.8-percent stake in Rusal, claims that some contracts between Rusal and Glencore were concluded in breach of the shareholders agreement and seeks an injunction prohibiting the contracts implementation and damages, Rusal reports.
Rusal does not expect the litigation to have any substantial impact on its operations.
Earlier, Vekselberg abandoned the Rusal Board of Directors and ceased to be its chairman. He explained his step by disagreements with a number of decisions taken by the company's management.
Rusal is one of the world's top aluminum companies, with a 10-percent share of both the world's aluminum and alumina output. It operates in 19 countries and sells its production in Europe, North America and South-East Asia.
SUAL Partners Ltd is owned by Russian billionaire Viktor Vekselberg and Leonard Blavatnik.
The defendants also include the Glencore trading company (which holds a 8.75-percent stake in Rusal), En+ Group Limited, and its owner Oleg Deripaska. The dispute concerns some arrangements between the parties.
SUAL Partners, which has a 15.8-percent stake in Rusal, claims that some contracts between Rusal and Glencore were concluded in breach of the shareholders agreement and seeks an injunction prohibiting the contracts implementation and damages, Rusal reports.
Rusal does not expect the litigation to have any substantial impact on its operations.
Earlier, Vekselberg abandoned the Rusal Board of Directors and ceased to be its chairman. He explained his step by disagreements with a number of decisions taken by the company's management.
Rusal is one of the world's top aluminum companies, with a 10-percent share of both the world's aluminum and alumina output. It operates in 19 countries and sells its production in Europe, North America and South-East Asia.
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