RUSAL , Norilsk Nickel | 28 February 2011 г. | 10:48

Rusal’s statement regarding Nevis court decision

Rusal’s statement regarding Nevis court decision
On 27 February 2011 the court in Nevis discharged the injunction obtained by Rusal on 3 February 2011.

Originally, the hearing was set for 2 March 2011 before the judge who granted the injunction on 3 February 2011.

However, without explanation or proper notice, Judge Edward Bannister, who normally sits in the BVI, was flown in to Nevis on February 24th to substitute the regular Nevis judge without notice to Rusal and under the circumstances which require full investigation.

Unusually, Judge Bannister held the hearing on February 25, 26 and 27 which is Friday, Saturday and Sunday. The notice of the hearing was received by Rusal 's lawyer in Nevis in the evening of February 24th after business hours. At 9 am on February 25th the hearing commenced without Rusal 's counsel present because counsel could not physically arrive to Nevis from London in time for this court hearing.

Rusal 's lawyer in Nevis had to argue the case on Friday and Saturday by himself with the London counsel joining on Sunday.

Since the beginning of this hearing, Rusal has received information that someone has approached the Chief Registrar of the Supreme Court for Eastern Caribbean and arranged for Judge Bannister to fly to Nevis and hold this hearing without proper notice.

The manner in which Judge Bannister conducted the hearing leads some to believe that his mind was made up before the hearing even started.

Rusal will consider all lawful avenues available to it, including appeal, once a written decision is handed down by Judge Bannister.

Rusal remains of the view that Corbiere and Raleigh should not be entitled to vote their shares in Norilsk as this will further attempts by Norilsk's management and Interros to gain great control over Norilsk to the detriment of all of its shareholders.

Rusal will also request a full investigation of the ex parte communication which apparently took place immediately preceding this court hearing.

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