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Dec. 23 -- United Co. Rusal Deputy Chief Executive Officer Maxim Sokov is seeking a review of OAO GMK Norilsk Nickel&rsquo;s planned sale of an 8 percent stake to Trafigura Beheer BV by the nickel company&rsquo;s auditors, according to a letter obtained by Bloomberg News.
KPMG LLP, Norilsk&rsquo;s auditors, should report their findings to the Moscow-based producer&rsquo;s audit committee, Sokov wrote in the letter to John Holden, chairman of the committee and an independent non-executive director.
Rusal confirmed the letter was sent, an official in the company&rsquo;s press office said. Norilsk spokesman Alexei Poponin declined to comment when contacted by Bloomberg, while officials at Trafigura, based in Amsterdam, weren&rsquo;t immediately able to comment when contacted by phone.
Sokov, also a non-executive director of Norilsk, said he wanted to ensure the transaction was in the best interests of all shareholders and wouldn&rsquo;t affect the producer&rsquo;s financial condition, according to the letter.
Norilsk&rsquo;s billionaire shareholders Oleg Deripaska and Vladimir Potanin have bickered over influence on the board and use of cash in a feud dating back to 2008. Norilsk last week offered $12 billion to buy back the 25 percent stake held by Deripaska&rsquo;s Rusal, while the Trafigura accord would provide cash for such a deal, according to Nomura Holdings Plc.
Trafigura, the second-largest industrial metals trader, said yesterday its plan to buy the stake would give it a &ldquo;fast- track expansion&rdquo; in accessing output of the metal. Norilsk is the world&rsquo;s biggest nickel producer.
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