Ghost of aluminium past haunts UC RUSAL float plans

UC RUSAL’s plans to seek an initial public offering (IPO) of its shares in London—before the end of this year according to the stock market scuttle—are being jeopardised by a law-suit brought in the London High Court by Mikhail Cherney. Cherney, always described as a “controversial” figure in Russia’s 1990s aluminium sector, has had one court case against the company rejected on the grounds that his target—Oleg Deripaska, the oligarch behind Rusal, now part of the bigger UC RUSAL—was not domiciled in the UK. However, Cherney is now appealing that judgement on the basis that key documents were signed in the UK and therefore subject to UK law. Cherney alleges that Deripaska has reneged on an agreement to buy him out of a previous partnership agreement. Deripaska has denied the allegations.