23 JUNE 2015rapsinews.com
Rusal turns to ECHR over nationalization of aluminum plant in Ukraine
Edited by : AL CIRCLE
1 min read
Russian aluminium producer Rusal has filed an application with the European Court of Human Rights (ECHR) over a ruling of Ukrainian Supreme Court that ordered to nationalize Zaporozhye Aluminum Complex, RIA Novosti reported on on Monday, citing the company’s CEO Vladislav Soloviev.
“We still believe we’re right. We obtained this asset from the Rusal merger. Renova purchased it in an honest deal. We’ll try to find a way to dispute this ruling in Ukraine, too,” Soloviev said.
On June 10, the Ukrainian Prosecutor General’s Office announced that the controlling stake (68.01%) of the Zaporozhye Aluminum Complex, a former Rusal (Russia) asset, was transferred to Ukrainian national ownership. In March, the Ukrainian Supreme Court issued a ruling on this transaction.
Earlier Rusal had announced its intention to appeal against the plant’s nationalization in the international courts. At the same time, the aluminum giant’s president and owner, Oleg Deripaska, said the company did not plan to stop doing business in Ukraine and expressed hope that the problem would be solved.
Aside from the aluminum division, with an annual capacity of 110,000 metric tonnes, Rusal’s Ukrainian assets include Nikolaev Alumina Refinery with an annual capacity of 1.57 million tonnes.
“We still believe we’re right. We obtained this asset from the Rusal merger. Renova purchased it in an honest deal. We’ll try to find a way to dispute this ruling in Ukraine, too,” Soloviev said.
On June 10, the Ukrainian Prosecutor General’s Office announced that the controlling stake (68.01%) of the Zaporozhye Aluminum Complex, a former Rusal (Russia) asset, was transferred to Ukrainian national ownership. In March, the Ukrainian Supreme Court issued a ruling on this transaction.
Earlier Rusal had announced its intention to appeal against the plant’s nationalization in the international courts. At the same time, the aluminum giant’s president and owner, Oleg Deripaska, said the company did not plan to stop doing business in Ukraine and expressed hope that the problem would be solved.
Aside from the aluminum division, with an annual capacity of 110,000 metric tonnes, Rusal’s Ukrainian assets include Nikolaev Alumina Refinery with an annual capacity of 1.57 million tonnes.
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