SMM11, May 5-Rusal, in its filing with the Hong Kong Stock Exchange (Hong Kong stock exchange), said that from November 1, the company appointed Yevgeny Nikitin (Evgenii Nikitin) as the company's new chief executive officer.
In addition, the company said it would continue to operate outside Jersey, which would involve the finalization of sanctions resolutions and the approval of relevant stock exchanges, clearing houses, regulators and other counterparties
The license issued to the company by the United States OFAC (Office of overseas Asset Control) expires on December 12; If sanctions are not lifted or licences are not renewed after December 12, the company's corporate infrastructure operations in Jersey will face difficulties.
Rusal made a profit of $676 million before interest, tax, depreciation and amortisation in the third quarter and revenue of $2.92 billion in the third quarter. At present, the main focus of the company is still to maintain its operations and protect the interests of all its creditors, investors and shareholders. The adverse effects of the OFAC sanctions in the United States led to unusually low sales reported by the company in the second quarter of 2018; compared with the second quarter, the company's sales picked up somewhat in the third quarter of 2018. Current market conditions have been largely affected by the sanctions imposed on 6 April 2018.
As things stand, any prediction of sanctions resolutions is unreliable, subject to official announcement.
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