OREANDA-NEWS. March 3, 2011. UC RUSAL (SEHK: 486, EuroNext: RUSAL/RUAL, MICEX: RUALR, RTS: RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, announces that in light of the application in the United States District Court for the District of Connecticut that was granted on 25 February 2011 and other factors, the High Court in London today declined to order Debevoise & Plimpton LLP (lawyers acting for Interros, Norilsk Nickel, Corbiere and Raleigh) to disclose documents relating primarily to Trafigura’s purchase of Norilsk Nickel securities on the ground that it was not necessary. The court found that RUSAL could obtain the information in its other existing court cases. In Connecticut, for example, Trafigura AG was ordered to produce documents and testimony relating primarily to its affiliate's recent purchase of Norilsk Nickel securities, as well as any other agreements or understandings with Norilsk Nickel or Interros.

The English Court noted that it "could well infer that there is an agreement or arrangement between Trafigura and Interros, so as that they form a group for the purposes of passing the 30% threshold" which RUSAL complains amounts to a breach of Russian law and gives rise to an obligation on those who form the group to make an offer to acquire the shares of the other shareholders of Norilsk. This will assist RUSAL in pursuing its pending claims arising from the Buy-Back and Trafigura transaction, including conspiracy claims against related parties Corbiere and Raleigh, in the High Court of St Christopher's & Nevis.

The Court found that the aim of neutralizing the negative effects of shareholders' conflicts on the company could, in certain circumstances, be done with a legitimate interest in mind. However, the Court also found that if the method of achieving this aim was by means of assembling a block of shareholders through the Buy Back organised by parties who act together as a group, then RUSAL had an arguable case that such means are unlawful.

The Court further noted that RUSAL has "a good arguable case ... that the London office of Debevoise was (innocently) involved in [this] wrongdoing".

RUSAL remains determined to vindicate its rights and expose all acts of corporate piracy which are in violation of recognized corporate governance norms and that prejudice shareholder interests.