Supreme Commercial Court accepts RusAl appeal in dispute with Norilsk Nickel
MOSCOW, December 5 - RAPSI. The Supreme Commercial Court has accepted RusAl Investment Management's request to reconsider lower-court decisions against its lawsuit to annul resolutions adopted at a Norilsk Nickel shareholders meeting, the court told the Russian Legal Information Agency (RAPSI/rapsinews.ru).
Following the disputed on June 28, 2010 annual shareholders meeting, a public debate ensued between RusAl General Director Oleg Deripaska, Interros President Vladimir Potanin and the company's management over the legitimacy of the meeting.
RusAl failed to have as many of its candidates elected to the board as planned. Among RusAl's favored candidates who failed to be elected was Alexander Voloshin, the board's former chairman, who long after refused to sign the minutes of the meeting due to alleged violations.
RusAl sued Norilsk Nickel to annul the results of the meeting.
Norilsk Nickel is the world's largest nickel producer (18 percent of the worldwide output) and palladium producer(nearly 50 percent of the worldwide output). It is also a leading platinum producer (about 13 percent of the worldwide output) and copper producer (about 2.5 percent of worldwide output). The company also produces cobalt, chrome, rhodium, silver, iridium, ruthenium, selenium, tellurium and sulfur.