OREANDA-NEWS. On 26 March 2009 was announced, that there have been rumours in the media of a conflict between Oleg Deripaska and Mikhail Fridman and the companies they control. On this speculation, Oleg Deripaska and Mikhail Fridman wish to make the following joint statement:

"The Basic Element Group and JSC Alfa-Bank have a longstanding history of mutually beneficial co-operation. Many companies within the Basic Element portfolio are clients of Alfa-Bank and benefit from their credit and financial products.

The current financial crisis has impacted many leading international and Russian companies who have found themselves in arrears to banking institutions.

Managers of the Basic Element group and JSC Alfa-bank maintain a constructive working relationship and are currently searching for the best solution to resolve outstanding obligations. Both parties understand that besides their own economic concerns, it is vital to consider the interests of the companies' clients, depositors, employees, and the broader communities in which they operate.

With our longstanding positive business relationship, we are certain that a solution acceptable for both parties will be found. Furthermore, as major shareholders in these companies, we maintain our personal friendly relations.

We would like to make clear that speculation in the media of a conflict between us and our businesses is without foundation and entirely untrue".

Oleg Deripaska said: "On behalf of the Basic Element Group management, I would like to assure all parties that we intend to fully satisfy our obligations to creditors. We believe that the global economic crisis can be considered a significant change of circumstances that allows us to count upon revisiting and amending existing agreements. We expect that our creditors and business partners will view our position with understanding and good faith. All issues are best resolved through dialogue".

Mr. Fridman said: "No doubt we will make every effort to support our business partners during this period of global economic turmoil. We are ready to take an open, constructive and flexible approach to searching for mutually acceptable solutions, especially when a highly respected company like Basic Element is involved. The only things we cannot afford to risk are the security of the deposits and investments made by our customers and the sustainable operation of our bank, which is a strategic component of the Russian financial system."