DUSHANBE, May 4, Asia-Plus – Oleg Deripaska, co-owner of the United Company (UC) RUSAL (Russian Aluminum), has concluded an amicable agreement with his former partner for the Tajik Aluminum Plant (TadAZ) Avaz Nazarov, Russia’s daily online Kommersant said.
According to Kommersant, Clyde & Co, international law firm, representing Nazarov, said in its official report that that UC RUSAL and Ansol Limited had reached an exhaustive agreement on mutual claims and all disputable issues had been solved.
Vera Kurochkina, a spokeswoman for UC RUSAL, confirmed this information, noting that the agreement was singed at the end of February. However, she refrained from giving further details of the agreement.
We will recall that litigation between Deripaska and Nazarov started in 2005 and it arose as part of dispute between Avaz Nazarov and Oleg Deripaska, Chairman of RusAL, the basis of which lies in the breach of a joint venture agreement to manage the operations of TadAZ.
Bell Yard reported in October 2005 that the injunction, granted by Judge Etherton on May 13 2005, ordered that Nazarov’s worldwide assets, along with those of 8 other defendants should be frozen. In a ruling handed down on October 21 2005 at the High Court of London, Judge Blackburne overturned the injunction granted by Judge Etherton.
In 2006, Nazarov disputed TadAZ’s claims of overcharging for the supply of alumina and instead launched a counterclaim for in excess of $200 million for violation of the joint venture agreement between Ansol and RusAL.
Ansol Limited – Guernsey registered company owned by Avaz Nazarov, for the purpose of supplying raw materials to the aluminum industry. Ansol entered into the joint venture with RusAL to supply alumina to TadAZ and to finance the plant in return for aluminum to sell on the world market.
United Company RUSAL is the world’s largest producer of aluminum and alumina.
