Rusal files new claims against Potanin over management of Nornickel

Rusal, one of the world’s largest aluminium producers, and shares listed on the Hong Kong Stock Exchange, has expanded the lawsuit it filed in a London court in 2022 against Vladimir Potanin, co-owner and head of Nornickel. According to Reuters, Rusal’s amended claim accuses Potanin of actions that allegedly harmed Nornickel through digital initiatives, including the blockchain platform Atomyze.

The new claims assert that the creation of the Atomyze digital exchange platform for tokenizing industrial assets (palladium, cobalt, copper and other precious metals) and the launch of an employee incentive programme at Nornickel benefited Potanin personally to the detriment of other shareholders such as Rusal. According to Rusal, Nornickel spent some $87 million on the projects.

Potanin owns a 37% stake in Nornickel through his Interros holding company, while Rusal holds a 26.4% stake.

Nornickel, the world’s largest palladium producer and a major miner of refined nickel, is not a party to the lawsuit. The company, remains outside the scope of the proceedings.

Rusal first filed the lawsuit in the autumn of 2022, accusing Potanin of breaching a shareholder agreement on his management of Nornickel. The suit seeks compensation and calls for Potanin to resign as head of the company.

Rusal claims that, under Potanin’s leadership, Nornickel lost several key business assets and mismanaged the group, which could have led to numerous workplace accidents, and that shareholders incurred significant losses.