Rusal Sued by Talco on BVI
The Tajik aluminum company Talco has sued Rusal for compensation in the British Virgin Islands. The suit is a continuation of the case brought by Talco against Rusal and another alumina supplier, Ansol, in London. According to the Financial Times, Talco (the former Tajik Aluminum Plant) is demanding several million dollars after being unable to call Rusal as a respondent in its London suit demanding $200 million from Ansol.
Talco contends that Rusal knew that former Talco director Abdukadir Ermatov was receiving bribes from businessman Avar Nazarov, who provided the plant with raw materials on a tolling basis from 2003 to 2005. Talco claims that Ernst & Young, its auditor, has shown that those deliveries were made at exorbitant prices. The company also claims that Rusal was involved in price manipulation in order to make it easier for it to buy a share in the company.
Ansol and Rusal reached an out-of-court settlement earlier this year in London on Ansol's charges that Rusal tried to force Ansol out as supplier of alumina to Talco. Rusal was to be a secondary supplier, according to its contract. Rusal countersued, also for breach of contract. On June 1, Rusal affiliates Harmer and Albaco filed suit against Talco in Zurich demanding $312 million in connection with Talco's refusal to pay for alumina.
Rusal is also being sued by the Nigerian BFI Group for irregularities that occurred during the privatization of the controlling package in the Nigerian aluminum company Alscom. Analysts note that the legal tussles may hurt Rusal's image in the eye of investors. Its IPO is scheduled for autumn of this year.
www.kommersant.com
All the Article in Russian as of July 19, 2007
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