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DJ Rusal: Norilsk Nickel Refused To Provide Co Voting Papers At AGM
Jul 16,2010 11:16CST
industry news
Source:SMM

MOSCOW, Jul 16 -- Russia's OAO Norilsk Nickel (GMKN.RS) refused to provide UC Rusal PLC (0486.HK) with voting papers for an annual general meeting that took place last month, Rusal said in a statement issued Thursday.

A July 5 request asking miner Norilsk Nickel to provide the voting papers wasn't honored--instead, Norilsk forwarded the papers to the Federal Committee on Securities Markets, Russia's market supervisor, Rusal said.

Rusal owns 25% of Norilsk Nickel.

A spokeswoman for Norilsk Nickel denied that the company refused to provide Rusal with the voting papers and said the miner is ready to deliver them to shareholders after the supervisor has a chance to review them.

Rusal asked the government earlier this month to "investigate violations of the law" during Norilsk's June 28 AGM, accusing the miner of manipulating votes to influence the election of the board.

The aluminum giant 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.

"We believe that the irresponsible behavior the management of Norilsk Nickel has been demonstrating...is a serious breach of public company governance and puts all shareholders of Norilsk Nickel at serious risk," Rusal said in Thursday's statement.

Rusal said it will take legal action against the management of Norilsk Nickel "if the examination of the voting papers reveals sufficient evidence."

 

nickel Ni
Norilsk Nickel

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