MOSCOW Nov 13 The chief executive of Onexim, an
investment vehicle of tycoon Mikhail Prokhorov, has left the
board of directors of aluminium giant RUSAL,
potentially signalling a new round of shareholder conflict at
the aluminium producer.
RUSAL said Dmitry Razumov, CEO of Onexim, was replaced on
its board by Christophe Charlier, Onexim's deputy CEO, due to
other business commitments. Razumov said he did not have any
disagreement with the board, RUSAL said in a statement.
Onexim's spokesman declined to comment.
Shareholders of RUSAL, which is controlled by businessman
Oleg Deripaska, are in a dispute over the company's corporate
governance and its strategy regarding a 25 percent stake in
Norilsk Nickel, the world's largest nickel and
Earlier this year, RUSAL's minority shareholder Viktor
Vekselberg quit as the company's chairman, saying the firm was
in "deep crisis" and overburdened with debt.
In October Matthias Warnig, a former East German secret
agent turned investment banker who has known Russian President
Vladimir Putin since the 1990s, was appointed chairman of RUSAL.
"RUSAL's board decides nothing now and turned out to be a
body which is signing off Deripaska's decisions," a source close
to Onexim told Reuters on Tuesday.
The source did not say if Onexim's strategy towards RUSAL,
in which it owns 17.02 percent, had changed.
Deripaska has resisted calls to dispose of RUSAL's 25
percent share in Norilsk Nickel to pay down debts at a time when
aluminium markets are weak.
RUSAL, which posted on Monday a recurring net loss of $76
million for the three months ended September, has negotiated
waivers on tests of its loan agreements until the end of 2013.
Its net debt of $10.71 billion partly stems from the
purchase of the Norilsk stake in 2008 for an estimated $14
(Reporting by Polina Devitt; Editing by Mark Potter)