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Russia Onexim CEO leaves RUSAL board
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Thursday, 15 Nov 2012
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Reuters reported that the chief executive of Onexim, an investment vehicle of tycoon Mr Mikhail Prokhorov has left the board of directors of aluminium giant RUSAL, potentially signalling a new round of shareholder conflict at the aluminium producer.

RUSAL said Mr Dmitry Razumov CEO of Onexim was replaced on its board by Mr Christophe Charlier, Onexim's deputy CEO due to other business commitments. Mr Razumov said that he did not have any disagreement with the board.

Shareholders of RUSAL, which is controlled by businessman Mr Oleg Deripaska, are in a dispute over the company's corporate governance and its strategy regarding 25% stake in Norilsk Nickel.

Earlier this year, RUSAL's minority shareholder Mr Viktor Vekselberg quit as the company's chairman saying the firm was in deep crisis and overburdened with debt.

In October Mr Matthias Warnig former East German secret agent turned investment banker who has known Mr Vladimir Putin president of Russia since the 1990s was appointed chairman of RUSAL.

A source close to Onexim said that RUSAL's board decides nothing now and turned out to be a body which is signing off Mr Deripaska's decisions. Mr Deripaska has resisted calls to dispose of RUSAL's 25% share in Norilsk Nickel to pay down debts at a time when aluminium markets are weak.

Source - Reuters

(www.steelguru.com)

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