OREANDA-NEWS. February 08, 2011. UC RUSAL (SEHK: 486, EuroNext: RUSAL/RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, welcomes the decision of the Nevis Judge following an ex-parte hearing to issue an interim court order against Corbiere and Raleigh, Nevis indirect subsidiaries of Norilsk Nickel. The order restrains these two companies from voting the shares that they hold in Norilsk Nickel and prohibits any transferring or disposing of these shares. The order also precludes these companies from taking any further steps with respect to the Trafigura transaction.

RUSAL filed proceedings in the Nevis Court in an attempt to halt the adverse impact of the buy-back and sale of Norilsk shares to Trafigura. RUSAL has argued consistently since Norilsk Nickel's December board meeting that the decision by the board to buy-back over 6% of its own shares at a premium just over one week after an announcement to sell 8% of the quasi-treasury shares at a significantly lower price was illegitimate, harming the shareholders and further damaging the company's value.

This interim order is in force till 2 March 2011 when the case is next heard. RUSAL will present its arguments as to why Corbiere and Raleigh should not be entitled to vote or transfer their shares or take further steps with respect to the Trafigura transaction.  RUSAL, acting in the interests of all minority shareholders of MMC, will continue to defend its interests and protect its rights by all available legal means.