Glencore in crossfire of Russian dispute
Commodity marketing and mining giant Glencore International has confirmed that it is embroiled in a legal dispute as a result of its aluminium supply deal with UC RUSAL, the world's largest aluminium producer.
Commodity marketing and mining giant Glencore International has confirmed that it is embroiled in a legal dispute as a result of its aluminium supply deal with UC RUSAL, the world's largest aluminium producer.
The company has received a request for arbitration following Viktor Vekselberg's resignation from the board of UC RUSAL in the wake of the aluminium giant's massive supply deal with Glencore.
Due to the confidentiality obligations in the UC RUSAL shareholder arrangements, Glencore does not intend to comment further in relation to the arbitration proceedings.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Russian billionaire Vekselberg resigned as Chairman of RUSAL in March, after falling out with RUSAL's Chief Executive, Oleg Deripaska.
According to reports, Vekselberg's investment firm, Sual Partners, is bringing a case against RUSAL, Glencore, Deripaska and En+, a holding company controlled by Deripaska and which owns 47.4% of RUSAL. Sual owns 15.8% of RUSAL and Glencore 8.75%.
The London Court of International Arbitration will rule on a dispute over the approval of long-term contracts for the supply of primary aluminium and alumina between UC RUSAL and Glencore, in a deal worth more than $47bn. Vekselberg believes his company, Sual, had the right of veto over the deal.
JH
-
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published