Russian aluminium giant Rusal has escalated its legal dispute against Vladimir Potanin, the CEO and largest shareholder of metals producer Nornickel, by introducing fresh claims. Here are the key details:
New Allegations: Rusal’s latest claims assert that the development of the digital exchange platform Atomyze and the launch of an employee incentive scheme by Nornickel have primarily benefited Potanin, disadvantaging other shareholders, including Rusal.
Shareholder Stakes: Potanin controls a 37% stake in Nornickel through his Interros holding company, while Rusal holds 26.4%. Former Chelsea Football Club owner Roman Abramovich possesses a 4% stake in the company.
Financial Impact: Rusal estimates that Nornickel has spent approximately $87 million on the Atomyze platform and the employee incentive scheme, which it claims were conducted in Potanin’s interest at the expense of Nornickel’s broader shareholder base.
Nornickel’s Position: As a non-party to the lawsuit, Nornickel has declined to comment on the ongoing legal matters.
Legal Framework: Rusal is pursuing legal action in London, alleging that Potanin violated a shareholder agreement established in December 2012, which has resulted in financial losses for shareholders, including Rusal. Abramovich and his firm, Crispian Investments Ltd, have also been named as defendants.
Historical Context: The shareholder agreement, which previously safeguarded Nornickel’s dividend payouts, expired at the end of 2022. Disputes over dividends and governance have led to a history of conflicts between Rusal and Potanin’s interests.
Interros’ Response: In response to Rusal’s claims, Interros has labeled them as unfounded, reiterating their previous stance on the matter.