The court left the claim of SUAL Partners against the management of Rusal without progress until November 30
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The Arbitration Court of the Kaliningrad Region left without action until November 30 the claim of the SUAL Partners holding against members of the board of directors of the aluminum company Rusal (MOEX: RUAL) in the amount of 74 billion rubles, reports TASS. From card indexes The court follows that the decision to extend the period for leaving the statement of claim pending was made on October 9.
The holding’s claim relates to losses arising from hedging transactions. The transactions, according to SUAL Partners, were concluded with violations and led to colossal losses. In August, the majority of Rusal shareholders voted against providing documents to SUAL Partners on transactions to hedge aluminum prices in 2021-2022.
SUAL Partners is the largest minority shareholder of Rusal, it controls 25.72% of the company. Another 56.88% is owned by En+, the remaining 17.60% is in free float.
Rusal explained the refusal by the confidential nature of the data, the provision of which could cause harm to the company. On September 5, SUAL Partners filed a lawsuit against the board of directors of Rusal demanding compensation for losses in the amount of 74 billion rubles. On September 11, the Arbitration Court of the Kaliningrad Region decided to leave the application without movement until October 6.
General Director of SUAL Partners Oleg Fomichev spoke about his intention to file a claim against Rusal in interview Kommersant back in June. According to him, the holding was dissatisfied with a number of Rusal’s transactions, including increasing the stake in RusHydro to 9%, as well as the refusal of dividends. Mr. Fomichev admitted that management acts in the interests of the majority shareholder, En+.
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