Order products
About us
Our products
Investors
Sustainability
Career
Press-center
Innovations
- Main
- Press-center
- Press-releases
- RUSAL filed a lawsuit to protect the interests of Norilsk Nickel shareholders
Press-releases
- Main
- Press-center
- Press-releases
- RUSAL filed a lawsuit to protect the interests of Norilsk Nickel shareholders
24.10.2022
RUSAL filed a lawsuit to protect the interests of Norilsk Nickel shareholders
RUSAL, a leading global aluminium producer, filed a lawsuit in the High Court of Justice in London against Vladimir Potanin and his affiliate Whiteleave Holdings Limited.
RUSAL’s claims are based on Mr. Potanin's failure to fulfill his duties as Norilsk Nickel's managing partner and CEO. Under the management of Mr. Potanin, Norilsk Nickel lost a number of assets that played a key role in group’s activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses.
RUSAL considers that Norilsk Nickel requires a professional independent executive with the necessary competencies as CEO. The Company also insists on compensation and other remedies for losses caused by Mr. Potanin. The value of compensation has to be determined by the court.
RUSAL continuously tried to enter into constructive dialogue with Mr. Potanin for an out-of-court settlement. However, these attempts have been unsuccessful. Now RUSAL must follow the dispute resolution procedures set in the 2012 Framework Agreement, which require RUSAL to bring claims in the High Court in London.
For reference:
Mr. Potanin and his Cypriot affiliate Whiteleave are parties to a legally binding agreement dated December 10, 2012 (Framework Agreement). Pursuant to the Framework Agreement, Mr. Potanin undertook to the shareholders as a managing partner to ensure the proper management of Norilsk Nickel.
Under the terms of the Framework Agreement there are certain claims termed “Material Breach”, with specific penalties and a prescribed procedure. On 21 October 2022, RUSAL issued a Claim Form in respect of Material Breaches with Whiteleave and Mr. Potanin as defendants.
RUSAL’s claims are based on Mr. Potanin's failure to fulfill his duties as Norilsk Nickel's managing partner and CEO. Under the management of Mr. Potanin, Norilsk Nickel lost a number of assets that played a key role in group’s activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses.
RUSAL considers that Norilsk Nickel requires a professional independent executive with the necessary competencies as CEO. The Company also insists on compensation and other remedies for losses caused by Mr. Potanin. The value of compensation has to be determined by the court.
RUSAL continuously tried to enter into constructive dialogue with Mr. Potanin for an out-of-court settlement. However, these attempts have been unsuccessful. Now RUSAL must follow the dispute resolution procedures set in the 2012 Framework Agreement, which require RUSAL to bring claims in the High Court in London.
For reference:
Mr. Potanin and his Cypriot affiliate Whiteleave are parties to a legally binding agreement dated December 10, 2012 (Framework Agreement). Pursuant to the Framework Agreement, Mr. Potanin undertook to the shareholders as a managing partner to ensure the proper management of Norilsk Nickel.
Under the terms of the Framework Agreement there are certain claims termed “Material Breach”, with specific penalties and a prescribed procedure. On 21 October 2022, RUSAL issued a Claim Form in respect of Material Breaches with Whiteleave and Mr. Potanin as defendants.
Latest news
16.03.23
RUSAL announces results for the year ended 31 December 2022
Moscow, 17 March 2023 – RUSAL, a leading global aluminium producer, announces its results for the year ended 31 December 2022.
01.03.23
RUSAL develops production of advanced technology materials on existing production facilities
Moscow, 1 March 2023 – RUSAL, a leading global aluminium producer, developed and launched the production of raw materials for catalysts at the Achinsk Alumina Refinery (RUSAL Achinsk) in addition to the production of VOGA fire retardants.
16.02.23
Statement from RUSAL regarding recent Bloomberg’s article
Moscow, 16 February 2023 – RUSAL has dismissed the claim made in the article published on 15th February by Bloomberg citing a Norsk Hydro executive who states that Russian metal is selling at a steep discount.
07.02.23
RUSAL begins production of low-carbon alloys for car manufacturers
Moscow, 7 February 2023 — RUSAL, a leading global aluminium producer, started using end of life aluminium scrap in production of foundry alloys for automotive industry. This production enabled RUSAL to reduce full scope carbon footprint of the new product by nearly 20%.
01.02.23
RUSAL starts production of master alloys for high-tech alloys
Krasnoyarsk, 1 February 2023 – RUSAL, a leading global aluminium producer, started its own production of master alloys which are used to make alloys. The new project will cover half of the Company's need for master alloys, and is also intended for supply to external customers.