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5 Nov, 2008 11:38

Rusal to appeal over Norilsk Nickel buyback

Rusal to appeal over Norilsk Nickel buyback

The worlds largest aluminium producer Rusal, which is a 25% stakeholder in Norilsk Nickel, has announced it intends to ask the Federal Financial Markets Service to investigate 26 Billion Rubles worth of purchases made by Norilsk on October 29 after an inj

In a statement released on Wednesday Rusal noted;

“On October 28, copies of the documents issued by the Krasnoyarsk region's arbitration court ordering an immediate halt to any transactions in the framework of the buy back of Norilsk Nickel shares were presented to the company's Moscow office. This fact is proved by the seal and signature on the notification by the company's representative.  UC  RUSAL has a copy of this notification. In addition, the notification of the court order was sent to Norilsk Nickel's CEO by e-mail,”

The statement then contends that officers of both Norilsk Nickel and the National Registration Company, the vehicle for the share buy back, obstructed attempts to deliver court documentation for up to two hours while continuing to purchase shares.  It then goes on to conclude that;

“We have no doubt that as the result of the violation of the law, the National Registration Company has completed the transactions to buy back shares tendered by Interros. This is another example of Interros' present and past disregard for the interests of Norilsk Nickel's minority shareholders,”