Rusal steps up legal pressure on Norilsk
Aluminium giant, Rusal, has filed a law suit against Norilsk Nickel in the Krasnoyarsk arbitration court for failing to provide voting ballots from the annual general meeting in June.
In a stement to the media issued on Monday Rusal confirmed the legal action after having requested on July 5 that Norilsk produce copies of the voting papers from its June 28 AGM. Under Russian legislation, the request had to be met within 7 days, and Rusal says that seeing as it still hasn’t received the documentation it has no alternative but to seek legal action.
The legal move against Norilsk comes after the company applied to the London Court of International Arbitration on August 11 claiming that the outcome of Norilsks June AGM violated an agreement between Interros and Rusal, which both hold a 25% stake in Norilsk, not to seek to take control of the company and to maintain equal board representation. The AGM resulted in Interros gaining 4 seats on the Norilsk board while Rusal gained 3. Rusal claims that there were irregularities with the vote, triggering their call for documentation relating to it from Norilsk, and that Interros and Norilsk management are too close.
Rusal hopes the voting papers will help it identify the violations and plans to go to court to protect its rights as a shareholder once it gains access to the voting papers.