13 March 2012
Russian billionaire Viktor Vekselberg today quit as chairman of the world’s largest aluminium producer, Rusal, declaring it was in a “deep crisis caused by the actions of the management”.
His departure widens a rift with another billionaire, Oleg Deripaska. Deripaska had sought to merge Rusal with deeply indebted Norilsk Nickel. Vekselberg may now sue Deripaska to challenge his strategy of holding on to his big stake in Norilsk which, if sold, would solve Rusal’s debt crisis.
Norilsk’s main shareholder, Vladimir Potanin, came third in the recent presidential elections. The timing of Vekselberg’s departure could be linked to that, commentators said yesterday.
Rusal said Vekselberg had not attended a board meeting for more than a year.
