RUSAL wins case against Guinea over Friguia complex
MOSCOW, July 21 (RAPSI) – Russia-based world’s largest aluminum producer, RUSAL, has won the lawsuit against the Republic Guinean at ICC Arbitral Tribunal, corporation has announced in a press release.
The Friguia stock purchase agreement between RUSAL and Guinea of April 14, 2006 was found valid by the court. According to the press release, the Paris court rejected allegations by Guinea that RUSAL’s purchase was illegal. The arbitration court also ruled that Guinea is to compensate RUSAL for its 250,000 euros in legal costs.
According to RUSAL, the International Court of Arbitration decision has confirmed the company’s reliability as a long-term strategic investor in Guinea. The company expressed its intention to continue with its projects in the country, develop its business and expand its involvement with Guinea’s social and economic development, the press release states.
United Company RUSAL was established in March 2007 after a merger between Russian Aluminum, SUAL and Glencore (Switzerland). RUSAL has a presence in 13 countries on five continents.
RUSAL’s Chairman of the Board and CEO is Oleg Deripaska. Matthias Warnig, currently Managing Director of Nord Stream AG, is Chairman of the Board of Directors and Independent Non-executive Director.