Rusal Complains To Market Watchdog Over Norilsk AGM-Shanghai Metals Market

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Rusal Complains To Market Watchdog Over Norilsk AGM

Industry News 02:40:54PM Jul 12, 2010 Source:SMM

MOSCOW, July 12 -- Russian aluminum giant United Co. Rusal PLC (0486.HK) has filed a complaint with the Federal Financial Markets Service, or FFMS, alleging procedural violations at miner OAO Norilsk Nickel's (GMKN.RS) annual general meeting.

Rusal, which owns a 25% stake in Norilsk, asked the market watchdog in a letter seen by Dow Jones Newswires to "investigate violations of the law" during the company's June 28 AGM.

Rusal is dissatisfied with the outcome of Norilsk's AGM, where its board representation fell to three people from four, and chairman Alexander Voloshin--who Rusal supported--was ousted.

In the letter, Rusal accused Norilsk management and the company's registrar of "manipulating the votes to influence the election of the board in its own interests."

Norilsk Thursday denied again any wrongdoing at the AGM.

Russian conglomerate Interros Group, which also owns a 25% stake in Norilsk, Thursday described Rusal's moves and public criticism as "destructive" and "unacceptable."

Rusal has said repeatedly it intends to convene an extraordinary general meeting of Norilsk, but both Interros and Norilsk say there is no reason for the current board to step down or for the AGM results to be reconsidered.

 

Rusal Complains To Market Watchdog Over Norilsk AGM

Industry News 02:40:54PM Jul 12, 2010 Source:SMM

MOSCOW, July 12 -- Russian aluminum giant United Co. Rusal PLC (0486.HK) has filed a complaint with the Federal Financial Markets Service, or FFMS, alleging procedural violations at miner OAO Norilsk Nickel's (GMKN.RS) annual general meeting.

Rusal, which owns a 25% stake in Norilsk, asked the market watchdog in a letter seen by Dow Jones Newswires to "investigate violations of the law" during the company's June 28 AGM.

Rusal is dissatisfied with the outcome of Norilsk's AGM, where its board representation fell to three people from four, and chairman Alexander Voloshin--who Rusal supported--was ousted.

In the letter, Rusal accused Norilsk management and the company's registrar of "manipulating the votes to influence the election of the board in its own interests."

Norilsk Thursday denied again any wrongdoing at the AGM.

Russian conglomerate Interros Group, which also owns a 25% stake in Norilsk, Thursday described Rusal's moves and public criticism as "destructive" and "unacceptable."

Rusal has said repeatedly it intends to convene an extraordinary general meeting of Norilsk, but both Interros and Norilsk say there is no reason for the current board to step down or for the AGM results to be reconsidered.