RUSAL , Norilsk Nickel | 15 June 2011 г. | 14:59

Rusal abandons claim to declare invalid conversion of Norilsk Nickel shares into ADR and transaction with Trafigura

Rusal abandons claim to declare invalid conversion of Norilsk Nickel shares into ADR and transaction with Trafigura

Court of arbitration of Krasnoyarsk Territory dismissed the claim of UC Rusal Investment Management LLC against Corbiere Holdings Ltd., Raleigh Investment Inc., Trafigura Beheer B.V., Bank of New York International Nominees, Bank of New York Mellon, OJSC MMC Norilsk Nickel, OJSC Norilsk Combine and OJSC Kola MMC.

The proceedings are dismissed as the plaintiff abandoned the claim.

As previously reported, the proceedings No. А33-266/2011 following the claim of UC Rusal Investment Management LLC were initiated on 04.03.2011. The claim included the following:
- To declare invalid the transfer of ordinary registered shares of OJSC MMC Norilsk Nickel to OJSC Norilsk Combine;
- To declare invalid the transfer of ordinary registered shares of OJSC MMC Norilsk Nickel to OJSC Kola MMC;
- To declare invalid the conversion of 13 851 002 ordinary registered shares of OJSC MMC Norilsk Nickel, held by Corbiere Holdings Limited and Raleigh Investments Inc., into Level I American Depositary Receipts of OJSC MMC Norilsk Nickel, deposited in The Bank of New York International Nominees;
- To declare invalid the sale and purchase transactions, related to Level I American Depositary Receipts of OJSC MMC Norilsk Nickel and concluded between Corbiere Holdings Limited, and Raleigh Investments Inc., on the one hand, and Trafigura Beheer B.V. on the other;
- Application of consequences of invalidity of abovementioned transactions by means of crediting of disposed ordinary registered shares of OJSC MMC Norilsk Nickel to settlement account of OJSC MMC Norilsk Nickel in the register of MMC Norilsk Nickel shareholders.

Since the Annual General Meeting of the Shareholders of MMC Norilsk Nickel in June 2010, Rusal has repeatedly turned to the court with various claims in attempt to challenge the resolutions of the Company’s governing bodies. In particular, Rusal filed claims to declare invalid the shareholders meetings’ results and resolutions of the Board of Directors. The claims were constantly dismissed by the court. The results of the adjudication confirm that the claims of UC Rusal are groundless and are mostly aimed at destabilization of the Company’s activities. MMC Norilsk Nickel intends to continue defending its interests in court in strict coherence with current laws.

Source: Metal Supply and Sale Magazine
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