27 Jun 2023 14:28

Sual Partners requests Rusal inform about loss-making hedges on aluminum prices in 2021-22

MOSCOW. June 27 (Interfax) - Victor Vekselberg's Sual Partners has once again requested that Rusal provide information regarding the company's major transactions, this time specifically about hedging aluminum prices in 2021-2022, a Sual representative said.

Rusal reflected cash flow losses of $28 million in 2021 and $131 million in 2022 from hedging transactions in the previous year's annual report.

Rusal's board of directors had previously refused to provide information on the transactions, the Sual representative said.

"Therefore, we are convening a shareholders' meeting in order to get to the bottom of the reasons for these losses, as well as to understand whether there have been any violations in the hedging transactions, and how conscientiously and reasonably the board of directors and the management of Rusal acted in approving these transactions," Sual Partners said.

If any violations and/or unscrupulousness are detected to have occurred during the conducting of these transactions, then Sual Partners intends to protect the rights of shareholders and the interests of the company itself by all available means, including going to court.