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Russian tycoon Deripaska cleared of contempt of court in London

April 05, 2023 at 05:54 am EDT

LONDON (Reuters) - Russian aluminium tycoon Oleg Deripaska was cleared of contempt of court by London's High Court on Wednesday in a long-running legal battle with his former business partner.

The founder of aluminium giant Rusal was alleged to have breached an undertaking to the court in a lawsuit brought by former Russian finance minister Vladimir Chernukhin over a joint venture to develop real estate in Moscow.

Chernukhin said Deripaska was in contempt by allowing EN+ Group, which owns a 57% stake in Rusal, to relocate from Jersey to Russia in response to U.S. sanctions. But Judge Mark Pelling ruled on Wednesday that Chernukhin had not proved his case against Deripaska.

(Reporting by Sam Tobin, editing by Sarah Young)

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Oleg Deripaska

Head of Rusal, the world leader in aluminium, Oleg Deripaska is a major figure among Russian oligarchs. He manages the holding Basic Element, an empire that is today from auto to insurance, trough aviation and energy.

Graduated in nuclear physic at University of Moscow, Deripaska began his activity as trader of metals. He takes advantage from privatization initiated by Boris Yeltsin to buy stakes in aluminium companies.
At twenty six years old after he won a majority of workers’ shares in the aluminium company in Sayansk (Siberia) he became director.

In the 80’s, a struggle for control of the aluminium market is started, between traders and red barons of industry.
In 2000, the Rusal is created. So many people protest in order to underline the conflict of interest which had involved the company’s creation. The strong connection between political ambience and business is also criticized by many western media.

In October 2006, Rusal merged with its rival Sual, and thanks to cooperation with Swiss company of trading Glencore, and also with Putin’s support, he created UC Rusal the world leader in aluminium. Valued $30 billion, 66% owned by Rusal’s shareholders, 22% by Sual and at least Glencore with 12%, and it employs 115 000 employers in 17 countries on five continent.

With his holding Basic Element, Oleg Deriparska brought 38% of the group that manages the development of finance district in Russian capital, Moscow-city launched in 1992 by Russian authorities.

In 2009, during the financial crisis, the Oleg Deriparska’s business is struck down by sharp fall of commodities’ prices. In fact, he passed from 9th place in Forbes’ ranking in 2008 to 57th place in 2010. He rose at 36th place in 2011 with fortune estimated at $ 16.8 billion.

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Linked companies
Basic Element LLC Basic Element LLC Investment ManagersFinance Basic Element LLC (Basic Element) is a private equity subsidiary of Basic Element UK Ltd founded in 1997 by Oleg Vladimirovich Deripaska. The firm is headquartered in Moscow, Russia.	Founder
Berkut LLC Berkut LLC Financial ConglomeratesFinance Berkut LLC provides investment services. It also offers business and management consulting. The company was founded by Oleg Vladimirovich Deripaska on December 1, 2011 and is headquartered in Moscow, Russia.	Founder