OREANDA-NEWS. February 08, 2011. In relation to the press-release distributed by Corbiere Holdings Limited (“Corbiere”) on the decision of the High Court of Justice of St. Christopher & Nevis RUSAL  considers it necessary to state the following. 

As it was announced yesterday, RUSAL had obtained an interim order in the Nevis courts restraining Corbiere and Raleigh, which are both subsidiaries of MMC Norilsk Nickel, from voting quasi-treasury shares of Norilsk Nickel and prohibiting them from transferring or disposing of such shares.

Yesterday Corbiere made a public statement that allegedly the Nevis order prohibits it from taking action to complete the buyback of Common Shares and ADRs of Norilsk Nickel pursuant to the Offer Memorandum of December 29, 2010. Corbiere’s announcement misconstrues the terms and scope of the Nevis order. The Nevis order does not prohibit Corbiere from completing the buyback, completion of which had been publicly announced by Corbiere on January 24, 2011. This was placed in evidence before the Nevis court. 

RUSAL has today written to Corbiere to make the position clear.