Hong Kong-listed shares in Rusal fell over 10% on Dec. 18 after Bloomberg reported on Dec. 17 that Russian billionaire Oleg Deripaska continued to exert control over the aluminium producer.
Deripaska holds a 45% economic stake in En+, which owns 57% of Rusal. He formerly held a majority stake in En+, but was obliged to sell down his holding to its current level under the terms of a deal with U.S. authorities that lifted sanctions on En+ and Rusal. En+ said: “En+ strongly refutes the allegations made in the article, which have no factual basis. These allegations are false. The matter is in the hands of our lawyers. No breach or concern has been mentioned by either the US Treasury or the Group. The En+ independent board of directors continues to have full confidence in the Group’s robust compliance procedures.”