Court shortens list of documents Norilsk Nickel to submit to Rusal
MOSCOW, November 9 - RAPSI, Dmitry Shchitov. An appeals court has partially held for an appeal filed by MMC Norilsk Nickel and shortened the list of documents that the company must submit to its minority shareholder Rusal, the court told the Russian Legal Information Agency (RAPSI).
Rusal owns the blocking stake in MMC. According to the claimant, Rusal told the court it needed the documents to verify MMC's management. Rusal also said it required the documents to estimate the management's efficiency and to review the company's finances.
The appeals court said it partly revoked the lower-court's judgment and excluded documents other than book records, including insurance contracts, consignment documents and invoices from the list of documents to be submitted to Rusal.
The joint share companies are legally bound to submit to the shareholders the documents subject to storage.
Norilsk Nickel is the world's largest nickel and palladium producer and one of the leading producers of platinum and copper. MMC accounts for over 18 percent of the global nickel market and holds almost 50 percent of the palladium market. It also produces various byproducts, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur.