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Russia's Rusal raises bar in Nornickel conflict with fresh claims versus Potanin

Aluminium huge Rusal has actually added fresh claims to its legal conflict against Russian billionaire Vladimir Potanin, CEO and biggest shareholder of metals producer Nornickel, court files seen showed.

The brand-new claims allege that the production of digital exchange platform Atomyze and launch of an employee incentive plan benefitted Potanin at the expenditure of other shareholders like Rusal. The advancement is the most recent flare-up in a long-running disagreement in between 2 of Russia's biggest metals companies.

Nornickel, which is not associated with the conflict, is the world's biggest palladium producer and a significant miner of fine-tuned nickel.

Potanin holds a 37% stake in Nornickel through his Interros holding company, while Rusal holds 26.4% and former Chelsea Football Club owner Roman Abramovich has a 4% stake.

Rusal verified it had added to the claim, saying that the Atomyze development and employee reward scheme's. application were performed in Potanin's interest at Nornickel's. expenditure.

Interros referred Reuters to a previous comment in which it. stated it thought about Rusal's claims as unfounded.

Rusal is taking legal action against Potanin in London, declaring that he broke. an investor agreement signed in December 2012, triggering losses. for investors including Rusal. Abramovich and his firm. Crispian Investments Ltd were consequently added as defendants. in the case.

The investor arrangement, which had safeguarded Nornickel's. dividend payouts, ended at the end of 2022. Arguments over. dividends and governance have been the main factor for. on-and-off rows in between the two business for many years.

(source: Reuters)