RusAl awaiting outcome of Prosecutor General's probe into Norilsk Nickel's June AGM

© RIA Novosti . Vitaliy Bezrukikh / Go to the photo bankRussia's aluminum company RusAl
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Russia's aluminum giant RusAl is awaiting the results of an investigation by the Prosecutor General into a shareholder meeting and board election at Norilsk Nickel in June that could significantly change the alignment of forces ahead of Norilsk's extraordinary general meeting, a Russian business daily said on Tuesday.

Russia's aluminum giant RusAl is awaiting the results of an investigation by the Prosecutor General into a shareholder meeting and board election at Norilsk Nickel in June that could significantly change the alignment of forces ahead of Norilsk's extraordinary general meeting, a Russian business daily said on Tuesday.

Norilsk Nickel, the world's largest nickel producer, is currently the subject of a bitter shareholder dispute.

The heads of RusAl and Interros, Vladimir Potanin and Oleg Deripaska, have been lockd in a battle for control over the company which has grown increasingly acrimonious since Norilsk Nickel's annual shareholders meeting in June. Both hold a 25 percent stake in Norilsk Nickel.

The oligarchs are in dispute over the number of board seats allocated after the board election, as well as management appointments.

RusAl earlier filed a request to Russia's Federal Financial Markets Service (FFMS) to check the AGM results and accused Interros of ruining the previously agreed parity on the board of directors by vote fraud. Norilsk Nickel asked the FFMS to check the results of the AGM and confirm the absence of violations.

Kommersant daily said that according to unofficial sources, the FFMS had not found any violations of the Norilsk's June shareholder meeting.

The Prosecutor General's Office is also ready to disclose the results of the check. If both institutions confirm the legitimacy of the Norilsk AGM, RusAl's position will be significantly undermined ahead of the new shareholder meeting scheduled for October 21, Kommersant says, citing Dmitry Smolin of Uralsib Bank.

 

MOSCOW, September 7 (RIA Novosti) 

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