“Rusal” will take its toll
Passions are heating up: another round of the “fight” between Vladimir Potanin and Oleg Deripaska’s Rusal risks turning into a full-scale fight for Norilsk Nickel?
Rusal’s lawsuit against Vladimir Potanin and Whiteleave Holdings Limited has been overgrown with new details: the High Court of London (UK) has made its first decisions, a correspondent reports.
Both parties are shareholders of Norilsk Nickel.
And what does the plaintiff want? Rusal wants the resignation of Vladimir Potanin from the position of the managing partner of Norilsk Nickel and compensation for losses.
This story, of course, did not begin yesterday.
“The lawsuit has become another episode of the conflict between the owners of Norilsk Nickel. At the end of 2022, the shareholder agreement expired …, which stipulated the main points of the management of Norilsk Nickel. Dividends are now the key controversial issue: Vladimir Potanin is in favor of reducing them in order to increase investment in the MMC, ”adds the publication.
According to Kommersant, last autumn the court suspended the process for a while. The Defendants were given this time to hire lawyers who were specifically licensed by the UK Financial Sanctions Authority. Here it is worth recalling that Vladimir Potanin is under sanctions.
In addition, the defendants are under an obligation not to reduce the direct or indirect share in the capital of Norilsk Nickel below 11.25% without prior notice to Rusal, the publication adds.
Dmitry Dedov, senior adviser at Ingvarr law firm, drew attention to the situation with proof of losses.
He believes that first it is necessary to prove the existence of losses for Norilsk Nickel, and then for Rusal as its shareholder. However, even in this case, management can be protected if they exercised the due degree of caution and prudence. “Besides, even if the court recognizes the existence of losses, they will be compensated to the company itself, that is, Norilsk Nickel,” he explained.
Some experts interpret the court decisions as a success for Rusal.
background
Every story has a beginning… Last fall, Rusal filed a lawsuit in the High Court in London against Vladimir Potanin and Whiteleave Holdings Limited, as stated on the company’s website.
“Rusal’s claims are related to Mr. Potanin’s failure to fulfill his duties as a managing partner in PJSC MMC Norilsk Nickel. Under Mr. Potanin’s management, Norilsk Nickel lost a number of business assets that played a key role in the group’s operations. This led to the fact that Norilsk Nickel and its shareholders suffered significant losses, ”Rusal explained.
The company is of the opinion that the head of Norilsk Nickel should be an independent leader with the necessary professional competencies. The company is also seeking damages.
According to the statement of Rusal, the company tried to enter into constructive negotiations with Potanin for an out-of-court settlement of the situation, but there was no result.
Apparently, only the court will deal with the situation now?
