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The court found the buyback of Norilsk invalid

Representatives of the Arbitration Court of Krasnoyarsk Territory officially announced its decision on the legality of the operation buy-back «Norilsk Nickel». The document should be: the company «RUSAL», serving the hearing the plaintiff, as a result of really buyback suffered large losses (about 14.3 million US dollars.). And it has the right to recover these costs from the defendant.

Recall: the meetings of the directors of «Norilsk nickel» Council held on 13 th and 21 th of September last year, the majority of votes, it was decided to hold a buy-back procedure on the package of shares in the company in volume of 7.7%. At the same time representatives of «Rusal» voted against the buyback, since in this procedure, the share of assets in MMC significantly reduced. However, the purchase of shares was made, with the result that (according to the documents submitted to the arbitral tribunal by the claimant) «RUSAL» has suffered a loss of $ 1.431 billion. Dollars.

The official reason for the recognition of buy-back «Norilsk Nickel» is invalid in violation of the Russian legislation concerning the ownership of local companies by foreign residents (less than 1/10 of the portfolio). The plaintiff proved that the number of shareholders who voted for ransom is a «group of persons» (in other words — one owner) with shares in the company for more than 10%. And the redemption of additional assets — a direct violation of the above-mentioned law.

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