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Rusal: Russian Prosecutor Finds Irregularities At Norilsk AGM

SMM Daily Review - 2010/9/16 Base Metals Market 

MOSCOW, Sep.&nbsp;17 -- Russian aluminum giant United Co. Rusal PLC (0486.HK) said Thursday the country's prosecutor general's office has found irregularities during a much-disputed annual general meeting of shareholders of miner OAO Norilsk Nickel (GMKN.RS), in which Rusal has a 25% stake, but won't qualify them as criminal.
Rusal is dissatisfied with the outcome of Norilsk's June 28 AGM, where its board representation fell to three from four, and Chairman Alexander Voloshin--who Rusal supported--was ousted.
Rusal has repeatedly accused Russian conglomerate Interros Group, which also owns a 25% stake in Norilsk, and the management of the miner of rigging the voting.
In its statement, Rusal cites a letter from the prosecutor general's office. Rusal said the letter &quot;has identified facts which are direct evidence of violation by Interros of a commitment reached between Rusal and Interros in November 2008 regarding the management of Norilsk Nickel.&quot;
However, Rusal, which cites more irregularities mentioned in the letter, noted that the new law, prescribing criminal responsibility for corporate election malpractices at AGMs came into force after the Norilsk meeting, and so the actions don't qualify as criminal.
Norilsk Thursday told Dow Jones Newswires there were no irregularities at the AGM. Interros wasn't immediately available for comment.
Both companies have repeatedly denied any wrongdoing during the AGM.
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