Court resumes hearing in dispute between Norilsk Nickel and Rusal
MOSCOW, October 21 - RAPSI, Sergei Feklyunin. An appeals court in Krasnoyarsk has resumed a hearing on an appeal filed by MMC Norilsk Nickel against a lower court order to submit business documents to MMC's minority shareholder Rusal, the court told the Russian Legal Information Agency (RAPSI).
The court will hold the next hearing on November 2.
The court suspended the appeal on July 1 until the Supreme Commercial Court's decision regarding MMC's lawsuit against the Ministry of Culture comes into force. MMC challenged the ministry's decree approving a list of financial and economic documents subject to storage and storage period.
The joint stock companies are legally bound to submit the documents subject to storage to the shareholders.
Rusal owns a blocking stake in MMC. According to the claimant, Rusal told the court it needed the documents to verify the bona fides of MMC management. Rusal also said it required the documents to estimate management efficiency and to review the company's finances.
Norilsk Nickel is the world's largest producer of nickel and palladium and one of the leading producers of platinum and copper. MMC's sales account for over 18% of the global nickel market and almost 50% at the palladium market. It also produces various by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur.
Rusal is the world's leading aluminum producer.