LONDON/MOSCOW, April 5 (Reuters) – Russian billionaire
Viktor Vekselberg’s investment firm has launched legal action
over a $47 billion supply deal struck between aluminium giant UC
RUSAL and commodities trader Glencore, a
source told Reuters on Thursday.
The initiation of arbitration proceedings in London
escalates a shareholder feud between Vekselberg, who resigned as
RUSAL chairman last month, and the company’s chief executive and
main owner Oleg Deripaska.
The source, who is close to a RUSAL shareholder, said Sual
Partners, which is co-owned by Vekselberg and partner Len
Blavatnik, will argue that the supply deal was agreed in
violation of its right of veto. Sual owns 15.8 percent of RUSAL.
The case will go before the London Court of International
Arbitration, a disputes resolution forum provided for in the
RUSAL shareholders agreement. It is being brought against RUSAL,
Glencore, Deripaska and his holding company En+.
“The filing relates to a dispute between the shareholders of
UC RUSAL that arose due to the improper approval of long-term
contracts for the supply of primary aluminium and alumina
between UC RUSAL and Glencore totaling more than $47 billion,”
the source added.
Sual, RUSAL, EN+ and Glencore all declined official comment.
(Reporting by Clara Ferreira-Marques and Polina Devitt, Editing
by Douglas Busvine)
