Court rejects RusAl appeal over Norilsk Nickel shareholder meeting
MOSCOW, August 23 - RAPSI, Sergei Feklyunin. The East-Siberian District Federal Commercial Court (Irkutsk) upheld on Tuesday two lower court decisions against RusAl Investment Management in its suit for the invalidation of decisions made at a Norilsk Nickel shareholders meeting held on June 28, 2010, the court told the Russian Legal Information agency (RAPSI).
With the decision, RusAls cassation appeals have been exhausted.
Following the disputed June 28 annual shareholders meeting, a public discussion ensued between RusAl General Director Oleg Deripaska, Interros President Vladimir Potanin (each holding 25% of Norilsk Nickels shares), and the companys management over the legitimacy of decisions made at the meeting. RusAl failed to have as many of its candidates elected to the board as planned. Among RusAls favored candidates that failed to be elected was the boards former chairman, Alexander Voloshin, who long after refused to sign the shareholders meeting minutes, allegedly due to a series of violations committed at the meeting.
RusAl sued Norilsk Nickel via its Investment Management company to quash the meetings results.
Norilsk Nickel is the world's largest producer of nickel (18 percent of worldwide output) and palladium (almost 50 percent of worldwide output), as well as a leading producer of platinum (about 13 percent of worldwide ouput) and copper (about 2.5 percent of worldwide output).
RAPSI News Service