Russia's aluminum giant RusAl has filed a request for arbitration with the London Court of International Arbitration (LCIA) against one of the country's largest investment companies, Interros, over the disputed Norilsk Nickel June shareholders meeting.
RusAl believes that Interros has violated an agreement reached in November 2008, under which both companies were to hold 25 percent of Norilsk Nickel shares. The companies agreed that each would work to make sure that equal number of candidates from each side would be elected to the Norilsk Nickel board of directors.
The dispute flared up between Rusal, Interros and Norilsk Nickel's management following the annual Norilsk Nickel shareholders meeting on June 28.
As a result of voting at the AGM, only three representatives of UC RUSAL, two independent international directors and five representatives of Interros were elected to the Norilsk Nickel board of directors. Alexander Voloshin, for whom UC RUSAL voted in accordance with the November 2008 agreement, was not elected to the Board of Directors.
Voloshin refused to sign the minutes of the meeting, accusing Norilsk Nickel management of procedural violations and fraud.
"The company is seeking a rapid conclusion to the dispute, so that the rights and obligations of all parties are restored by the decision of the arbitration court as soon as possible," RusAl said.
On August 3, the Norilsk Nickel board supported the idea of creating a consolation commission to find a compromise between the main shareholders in the "current tense situation," according to the minutes from the meeting.
RusAl's request for arbitration was filed on August 10, but the LCIA hasn't set a date for the proceedings, RusAl says.