Rusal Takes Norilsk To Local Court Over Board Voting

MOSCOW, Sep 28, 2010 (Dow Jones Commodities News Select via Comtex) -- Russian aluminum giant United Co. Rusal PLC (0486.HK) filed a lawsuit with a local court Monday seeking to invalidate the election of the board of miner OAO Norilsk Nickel (GMKN.RS), in which Rusal owns a 25% stake.

Krasnoyarsk Territorial Arbitration Court said on its website Tuesday that it has received Rusal's lawsuit against Norilsk, seeking to annul decisions reached at Norilsk's annual general meeting of shareholders, but doesn't specify the decisions taken at the AGM.

According to the lawsuit, seen by Dow Jones Newswires, Rusal asked the court to cancel the election of the miner's board, citing numerous irregularities during the voting.

Rusal is dissatisfied with the outcome of Norilsk's June 28 AGM, where its board representation fell to three from four, and where the chairman, who was supported by Rusal, was ousted.

Rusal has called for a new shareholders' meeting in October.

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 the lawsuit Rusal repeats its earlier accusations.

Both Norilsk and Interros have repeatedly deny wrongdoing.

Russian prosecutor general's office has said the much-disputed AGM showed no signs of having committed a criminal offense and "has no right to interfere in the dispute of the [company's] shareholders".

Rusal has said earlier that it would try to enforce the 2008 agreement with Interros, which it says was violated at the AGM, at the London Court of International Arbitration.