Rusal raises bar in Nornickel dispute with fresh claims against Potanin
MOSCOW - Aluminium giant Rusal has added fresh claims to its legal dispute against Russian billionaire Vladimir Potanin, CEO and largest shareholder of metals producer Nornickel, court documents seen by Reuters showed.
The new claims allege that the creation of digital exchange platform Atomyze and launch of an employee incentive scheme by Nornickel benefitted Potanin at the expense of other shareholders like Rusal. The development is the latest flare-up in a long-running dispute between two of Nornickel's largest shareholders.
Potanin holds a 37% stake in Nornickel through his Interros holding company, while Rusal holds 26.4% and former Chelsea Football Club owner Roman Abramovich has a 4% stake.
Nornickel, the world's largest palladium producer and a major miner of refined nickel, declined to comment as it is not a party in the lawsuit.
Rusal confirmed it had added to the claim, saying that Atomyze's development and the employee incentive scheme were done in Potanin's interest at Nornickel's expense. Rusal estimated that Nornickel spent around $87-million on these projects.
Interros referred Reuters to a previous comment in which it said it considered Rusal's claims as unfounded.
Rusal is suing Potanin in London, claiming that he violated a shareholder agreement signed in December 2012, causing losses for shareholders including Rusal. Abramovich and his firm Crispian Investments Ltd were subsequently added as defendants in the case.
The shareholder agreement, which had protected Nornickel's dividend payouts, expired at the end of 2022. Disagreements over dividends and governance have been the main reason for on-and-off rows between the two companies over the years.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
