Albaco, a subsidiary of Russian aluminium producer Rusal, has commenced enforcement proceedings for a $70 million arbitration award against CDH Investments Corp, relating to the supply of alumina to the Tajik Aluminium Company, Rusal said in a statement Tuesday.
Rusal said Albaco is seeking compulsory enforcement of the award against CDH because CDH has refused to comply with the award voluntarily.
"The arbitration award was issued in Albaco's favour by a three-member tribunal sitting in Switzerland in accordance with the rules of the International Chamber of Commerce," the Russian aluminium producer said.
The tribunal held that CDH had breached a supply contract with Albaco for the sale-purchase of alumina.
CDH's continued refusal to comply with the award will also likely compel Albaco to take other legal actions in support of its enforcement action, including an application to liquidate CDH, Rusal added.
"We expect these discovery actions to lead to a network of offshore entities and accounts connected with Talco," Rusal said.
The enforcement proceedings are taking place in the British Virgin Islands, where CDH is registered.
In 2012, Rusal accounted for approximately 9% of global aluminium production and 8% of global alumina production.
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