OREANDA-NEWS. March 13, 2012. Victor Vekselberg, Chairman of Renova Group of Companies, in his letter to the members of the Board of UC Rusal Plc today announced his resignation from the position of Chairman of the Board which he has held since the creation of the Company in 2007. Mr. Vekselberg also tendered his resignation as a director of UC Rusal.

 ”It is with great regret that I have to state that, due to the actions of its management, UC Rusal is presently facing a deep crisis, as a result of which UC Rusal has, in my opinion, deteriorated from an international aluminum leader into a company overburdened with debt and entangled in numerous lawsuits and social conflicts,” – commented on his resignation  Victor Vekselberg.   “As Chairman and director, I disagreed with a number of decisions in relation to the company's strategic development, modernization of production and social and human resources policies, some of which were adopted by management without Board approval and in breach of shareholder agreements. In view of this, I do not consider it appropriate to maintain my current position as the Chairman and a director of UC Rusal's Board.”