New York court orders Rusal to submit papers on Norilsk Nickel deals
MOSCOW. March 10 (Interfax) - The U.S. Federal District Court for the Southern District of New York on March 9 granted UC RUSAL's application for discovery from Bank of New York Mellon (BoNY) relating to a buyback by MMC Norilsk Nickel and the latter's transaction with Dutch commodities trader Trafigura, the aluminum company said in a statement.
The court ordered BoNY to produce all documents concerning the deals, whether those documents are located in the U.S. or abroad. It directed BoNY to turn over to RUSAL for inspection all documents reflecting any instructions it received from Norilsk or Interros regarding voting of Norilsk Nickel securities, and the identity of any persons who paid any fees to BoNY concerning the buy-back, the Trafigura transaction, or any of the general meetings, among other topics.
The U.S. court also ordered BoNY to produce a corporate representative to RUSAL's counsel's office for a deposition no later than 30 March 2011 to testify regarding all topics requested by RUSAL, which include the voting of Norilsk securities and the Buyback and Trafigura transactions, among other things.
RUSAL is looking forward to receiving the information in BoNY's possession to further support its claims in Russia, England and Nevis, the company said.
The United States District Court for the District of Connecticut on February 24 granted an application by UC Rusal to compel Trafigura AG to produce documents and testimony relating primarily to its recent purchase of MMC Norilsk Nickel securities, as well as any other agreements or understandings with Norilsk Nickel or Interros.
But the London High Court has rejected a suit filed by UC Rusal against HSBC, Citigroup and the law firm Debevoise & Plimpton seeking information disclosures concerning the sale of quasi-treasury stock in MMC Norilsk Nickel to Dutch trading company Trafigura Beheer, a buyback of securities by Norilsk Nickel and other deals.
Norilsk Nickel subsidiary Corbiere Holdings Limited has resumed a share buyback following a decision by a court in St. Christopher & Nevis to lift injunctions imposed in response to a plea by UC Rusal. The Nevis court's ruling also enables Corbiere to vote with the repurchased shares and American Depositary Receipts (ADR) at an EGM on March 11.