Nevis judgement against Rusal

Finance

Publishing Date: 14 Nov 2011 4:03pm GMT
Author: Mining Journal

UC Rusal has had its conspiracy claims against MMC Norilsk Nickel rejected in the Eastern Caribbean Supreme Court of the High Court of Justice of St Christopher & Nevis.

Rusal's action was against two wholly-owned Norilsk Nickel subsidiaries; Corbiere Holdings Ltd and Raleigh Investments Inc. The case was filed in February, and amended on two occasions (the most recent of which argued that Corbiere and Raleigh had engaged in a "tortuous conspiracy" against Rusal).

In a press release, Norilsk Nickel said the court had struck out these claims "on the grounds that their prospects of success were 'fanciful', and that they [had] no prospect of succeeding". The court ruled that conflicts concerning this issue "must be resolved by the Board of Directors [of Norilsk Nickel] and not by the Nevis High Court".

Rusal has also filed cases against Norilsk Nickel, its shareholders and partners in the courts of Krasnoyarsk, London, New York, Amsterdam and Bellinzona (in Switzerland).

A general jurisdiction Court in Amsterdam last week struck out Rusal’s claims against Trafigura, a partner of Norilsk Nickel.
Norilsk Nickel said "in light of the judgment delivered by the Nevis court, the group has filed a claim against Rusal to compensate for its legal expenses, and for damages associated with the imposition of interim measures".