International Commercial Arbitration in Switzerland ruled in favor of "Rusal" Oleg Deripaska in the long-term dispute with the Tajik aluminum company, owned by the country's authorities. Arbitration awards "Rusal" $ 274.3 million, representing 10.4% of the annual budget of Tajikistan. Experts and lawyers say that to collect such a large amount of Russian companies will be difficult.
A former partner of "Rusal" Tajik Aluminum Company (SUE "Talco" previously TadAz) is obliged to pay the company Oleg Deripaska $ 274.3 million, said yesterday, "Rusal" the press-service. The lawsuit subsidiary of "Rusal" - Hamer Investing Ltd to "Talco" International Commercial Arbitration in Switzerland, granted on October 9 and October 14 decision was communicated to participants.
Hamer Investing claimed that in 2003, "Talco" violated two barter agreement by which "Rusal" structure has put the factory of alumina and other raw materials, but received less $ 112.7 million and $ 147 million. Another $ 14.6 million in the estimated legal costs. The court also rejected a counterclaim "Talco" to Hamer Investing in the amount of $ 400 million - according to the plant, conclude contractsalis on corruption scheme. The "Rusal" said that the decision is final and is subject to immediate execution, in the Tajik company declined to comment.
The head of the practice of international litigation and arbitration lawyer bureau "Egorov, Puginsky, Afanasiev and Partners" Eugene Raschevsky claims that the decision of arbitration is still possible to challenge - the Supreme Court of Switzerland. In addition, according to the lawyer, to get money, "Rusal" is necessary to approve the decision of the arbitration court in Tajikistan. Dmitry Lobachyov of the Bar "Khrenov and Partners" believes that the procedure for recognition of the Tajik court may take about six months, unless there are any further complications. If "Talco" still refuse to pay, the "Rusal" have the opportunity to initiate the bankruptcy of the enterprise, adds Mr. Raschevsky.
Tajik Aluminum Plant - the only enterprise in the country for the production of primary aluminum. In 2012, the plant produced 272.5 ths. Tons of metal. Tajikistan's government planned to privatize the prospect in 2007edpriyatie, but it was subsequently deregistered for sale assets.
According to the plans of "Rusal" TadAz had become a part of the holding company, which also would include the Mykolayiv Alumina Plant (Ukraine) and the Guinean bauxite company Societe Bauxite du Kindia. In 2003, "Rusal" and the factory set up a joint venture and signed a barter agreement by which the company Mr. Deripaska has pledged to supply bauxite to the plant from the Ukraine, and in return receive primary aluminum ready for further implementation. In 2003, "Rusal" was trying to get a controlling stake in the Tajik plant in exchange for repayment of the debt of Tajikistan to Russia (at that time, according to various estimates, from $ 290 million to $ 330 million), but it did not suit the authorities.
In December 2004, "Talco" has stopped supply of the metal, "Rusal", and in 2005 the company began litigation, accusing each other of violating the agreement. At the same time, "Rusal" in May 2013 succeeded in payments of $ 70 million from the CDH Investment Corp.- one of alumina suppliers for "Talco" has violated the terms of the contract.
Oler Peter and Paul from the BCS notes that the $ 274.3 million - a 45% projected EBITDA of "Rusal" in 2013. Won money, according to experts, the company Oleg Deripaska, is likely to send the repayment of debt. But experts doubt that "Rusal" will have such a large amount of the Tajik state-owned companies - it is 10.4% of the country's budget for 2013 and 4% of GDP for 2012.