Russia Investigates Metals Giant Rusal

MOSCOW (AFP)--Russian authorities Monday opened an inquiry into metals giant Rusal, the world's biggest aluminium producer, for a possible breach of competition laws, the Federal Anti-Monopoly Service said. Rusal is controlled by billionaire tycoon Oleg Deripaska, who was ranked by Forbes magazine this year as the ninth richest man in the world with a net worth of $28 billion. Deripaska has incurred major losses in the recent global financial crisis and has been forced to sell off assets including a 9.99% stake in German construction group Hochtief AG (HOT.XE) that he purchased last year. The anti-monopoly service said in a statement it would look at whether Rusal broke Russian competition laws by suspending raw material supplies to a massive cement factory in northern Russia. Rusal denied breaking the law but said it would cooperate with the inquiry. "Rusal did not violate the antimonopoly legislation acting within the legal framework and is actively cooperating with the Federal Antimonopoly Service," the company's press office said in a statement. Source: AFP