The Russian multinational RUSAL, the world’s leading aluminum producer, filed a lawsuit in the High Court of Justice in London against Vladimir Potanin and his subsidiary Whiteleave Holdings Limited in order to protect the interests of the shareholders of Norilsk Nickel.
RUSAL’s arguments are based on Potanin’s breach of his duties as managing partner and CEO of Norilsk Nickel. Under Potanin’s leadership, Norilsk Nickel lost a number of assets that played a key role in the group’s activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses.
In this regard, the Russian multinational considers that Norilsk Nickel requires an independent professional executive with the necessary competencies as CEO. The company also insisted on compensation and other remedies for the losses caused and the value of the compensation is to be determined by the court.
The Russian company continuously tried to engage in constructive dialogue with Potanin to reach an out-of-court settlement, however, these attempts have been unsuccessful. RUSAL must now follow the dispute resolution procedures set forth in the 2012 Framework Agreement, which require RUSAL to file claims in the High Court in London.
