MOSCOW, January 16 (RAPSI) – The Rusal board on January 15 approved the terms for a settlement in the arbitration proceedings filed by Len Blavatnik and Viktor Vekselberg’s Sual Partners Ltd against Glencore International AG, En+ Group Limited, the company and Oleg Deripaska, Rusal said in a statement.
Contracts signed between Rusal, the world’s largest aluminum maker, and trader Glencore angered Sual Partners, which owns 15.8% of Rusal shares. In 2012, Siberian Urals Aluminium Company (Sual) filed a lawsuit against them in the London Court of International Arbitration (the Arbitrations).
The lawsuit concerns the supply of primary aluminum and alumina to Glencore which the Rusal board approved in 2011 contrary to Sual’s veto.
In accordance with the settlement, the claims against Rusal have been amicably resolved and the arbitrations will be discontinued subject to fulfillment of certain conditions precedent.
“The Company makes no admission in respect of the claims brought against it, nor has it undertaken any financial obligations under terms of the Settlement. The Company will not participate further in the Arbitrations, which will continue among Sual, Glencore and En+ for the narrow purpose of interpretation of certain shareholder arrangements,” Rusal said in a statement.