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By John Helmer, Moscow United Company Rusal, the Russian aluminium monopoly, has announced it has won a judgement of the London Court of International Arbitration (LCIA) confirming its shareholding control of the Aluminium Smelter Company of Nigeria (Alscon), the only aluminium producer in the west African state. The LCIA, Rusal claims, has defeated the Nigerian [...]

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By John Helmer, Moscow The Nigerian government was ordered by the Federal High Court in Abuja on Tuesday to oust United Company Rusal from the country’s aluminium smelter, and hand it over to a Nigerian-American group which has been suing for a decade.

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By John Helmer, Moscow United Company Rusal has admitted that one large international bank is refusing to accept the restructuring terms the company has offered for loans totaling $5.15 billion which fall due for repayment by July 7. Until now, there has been speculation that state-owned Chinese banks had been pressing for repayment in cash, [...]

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By John Helmer, Moscow The Oradea alumina refinery is a property of Oleg Deripaska’s in Romania. Deripaska (centre image) is the chief executive and controlling shareholder of United Company Rusal, the Russian aluminium monopoly. Deripaska bought Oradea in 2000 over the unanimous objections of the senior management of Rusal in Moscow at the time. The [...]

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By John Helmer, Moscow United Company Rusal, the state aluminium monopoly run by Oleg Deripaska, is selling the Aluminium Smelter Company of Nigeria (Alscon). Only the Rusal announcement to the Hong Kong Stock Exchange (HKEx) doesn’t put a name to the asset. Rusal is also not accepting that the Nigerian courts have already decided the [...]

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By John Helmer, Moscow United Company Rusal, the Russian aluminium monopoly headed by Oleg Deripaska (image right), has won a fresh round in its battle to keep control of its Nigerian aluminium smelter, and ward off claims from a Nigerian-American group whom it defeated in the privatization of the asset almost a decade ago. For [...]

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By John Helmer, Moscow Last week, on October 7, United Company Rusal – the state aluminium monoply managed by Oleg Deripaska (right) — was due in the Nigerian High Court at Abuja to start trial on the claim by a Nigerian-American group, BFIG, for the handover of the Aluminium Smelter Company of Nigeria (Alscon). BFIG [...]

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By John Helmer, Moscow What is a bonus worth if it’s a promissory note for a value that is sinking towards zero in the short term, and cannot be converted to cash or dividends for years? How much loyalty would a zero-value note be expected to attract? On July 4, Rusal disclosed to the Hong [...]

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By John Helmer, Moscow United Company Rusal has been defeated in a brief but powerful ruling by the US Court of Appeals in New York last week. The order by three judges, issued on April 15, quashes a lower-level US court order for discovery of bank and other evidence against shipping companies Rusal used to [...]

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By John Helmer, Moscow United Company Rusal appears to have been stripping assets from the Aluminium Smelter Company of Nigeria (Alscon) at the same time as it was creating large loan obligations which the loss-making smelter has little chance of repaying. Public protests got under way at Alscon, which is located at Ikot Abasi, in [...]