Rusal will change the top managers

The company counts on the fact that Oleg Deripaska will remain the controlling shareholder, and the US sanctions will "dissolve" by themselves.
27.04.2018
Vedomosti
Origin source
UC Rusal of Oleg Deripaska can change the composition of the leadership to convince the US authorities to cancel the sanctions imposed on the company, Reuters reports citing two unnamed interlocutors. According to them, the company will soon form a council of exceptionally independent directors, which, in turn, will assemble a new team of managers.

UC Rusal is in dialogue with the US authorities and hopes that a change of leadership will be enough to exclude from the sanctions list, said one of the interlocutors of Reuters. Both sources noted that UC Rusal expects that Deripaska will be able to maintain its stake in the company.

A representative of UC Rusal declined to comment, writes Reuters. In the evening on Thursday, the UC Rusal press service called information sources of agencies Reuters and Bloomberg a fiction, which has nothing to do with reality. The statement did not specify which specific publications are being discussed. Reuters, in particular, this week wrote with reference to the employees of the enterprise UC Rusal that workers fear cuts in the enterprise. Bloomberg on April 26, referring to two interlocutors who wished to remain anonymous, wrote that he was counting on lobbying assistance from European governments not interested in destabilizing the EU aluminum market. Refute the reports of agencies representative UC Rusal did not.

Deripaska through the structure En + owns 48% of UC Rusal. A share of less than 50% can not be considered controlling, the interlocutor of Reuters points out. However, under an agreement signed by the company's major shareholders, En + is recognized as the controlling shareholder of UC Rusal.

According to Reuters, the second largest aluminum producer in the world still does not deliver products to foreign counterparts, while waiting for the decision of the US authorities.

On April 6, the US Finance Ministry imposed sanctions against En +, UC Rusal aluminum producer and other Deripaska companies, as well as the billionaire himself. Sanctions cut off the companies that came under them from the US financial system and forbid contractors to conduct significant transactions in favor of the blacklisted defendants under threat of themselves under secondary sanctions.

Shortly after the sanctions were announced, the US Treasury issued an explanation, in which it announced the possibility of lifting restrictions against UC Rusal, if Deripaska refuses control in the company. The agency Bloomberg, citing unnamed sources, wrote that the businessman would not do it.

Personnel permutations have already begun in the companies of Deripaska. En + announced that its general director Vladislav Solovyev will leave the post on April 30. His departure is connected with the need to concentrate efforts on the management of UC Rusal, said two interlocutors of Vedomosti, close to En +. Prior to that, the Board of Directors of UC Rusal was left by two independent executive directors: Maxim Goldman, Director for Strategic Projects of Renova Group; and Daniel Wolf, Onexim's Executive Director. The independent director Philip Lader and the general director of the Swiss trader Glencore Ivan Glazenberg also left the company's board of directors.

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