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A Ukrainian court upheld a March ruling to restore government control over the Zaporizhskyi aluminum smelter, rejecting an appeal by Russian billionaire Oleg Deripaska’s United Co. Rusal. (486)
Kiev’s economic court of appeal supported the decision to overturn a sale agreement and return a 68.01 percent stake in Rusal’s plant to Ukraine’s state property fund, the prosecutor- general’s office said today on its website.
Prosecutors have claimed the Russian company refused to refinance $75.5 million of debt owed by the plant, known as Zalk, and violated the rights of the state property fund.
Rusal will appeal to Ukraine’s supreme economic court, a spokesperson said by e-mail, declining to be identified.
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