Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
Sual Partners Group, owned by Russian billionaire Viktor Vekselberg, is suing Rusal, the world’s top aluminum producer and commodities giant Glencore over an aluminum supply deal worth some $47 billion.
RAPSI, the Russian Legal Information Agency, reported that Vekselberg and his partners initiated a commercial litigation in a London court against Rusal, the EN+ company, Glencore which owns an 8.75% stake in Rusal, and Rusal’s owner Oleg Deripaska.
Vekselberg is the former chairman of Rusal, and Sual Partners own 15.8% of Rusal. According to Forbes magazine, Vekselberg and Deripaska are among the 15 richest people in Russia.
Details on the lawsuit are spare, but RAPSI cites a source close to Rusal’s shareholders saying “…”the lawsuit is connected with the dispute between Rusal’s shareholders, which arose following an illegal approval of long-term aluminum and alum earth contracts between Rusal and Glencore amounting to over $47 billion.”
RT reports that Sual Partners “started legal proceedings in London claiming the deal between Rusal and its minority shareholder and commodities producer Glencore was agreed in violation of Sual’s right of veto.” The veto refers to an agreement that Glencore would distribute 30% of Rusal’s exports in 2012, despite being vetoed by Sual Partners. Sual is seeking to halt the contract and claim damages.
The issue appears to be connected with Vekselberg stepping down from the chairmanship of Rusal in March.
2 Comments
Gtigroup Private
does it have something to do with Rural guinea concession?
Luiz Bresciani
Tanks for the important infirmation. Based In such type of details I will deep the Investigation about Probably exist transfer price flippant scan and laundering Money and if detected surely I intent to report to President elected Putin and for sure Russia ATTGEN