London High Court orders Russian oligarch to disclose documents in lawsuit

The High Court in London has ruled that Vladimir Potanin, chief executive officer of Russian mining giant Norilsk Nickel (Nornickel), is required to disclose company documents in connection with ongoing legal proceedings brought by United Company Rusal.

The court based its decision on provisions of Russian law, under which a company’s sole executive body is entitled to access all corporate documents and use them in personal legal proceedings. The judges noted, however, that Potanin may appeal the ruling if disclosure of specific documents would violate Russian law, Caliber.Az reports per Russian media. 

The court also stated that Potanin exercises control over documentation belonging to Nornickel and its subsidiaries, as the materials are stored in a shared electronic system covering the group’s parent and affiliated entities.

Potanin has denied personally holding Nornickel documents. He has previously stated that he uses a basic Nokia mobile phone solely for calls and does not own a computer or smartphone.

Rusal filed its lawsuit against Potanin and Whiteleave Holdings in the High Court in October 2022, alleging breaches of a shareholder agreement signed in 2012. Rusal claims that under Potanin’s management, Nornickel lost several assets that were strategically important to the group.

Based on these allegations, Rusal is seeking Potanin’s removal as managing partner and CEO of Nornickel, financial compensation for each alleged violation, and the compulsory buyout of a portion of the company’s shares from Whiteleave Holdings in accordance with the shareholders’ agreement.

The defendants have rejected the claims, arguing that Rusal itself breached the corporate agreement and acted in bad faith. They contend that Rusal used transactions involving the Bystrinsky Mining and Processing Plant (Bystrinsky GOK) to exert influence over Nornickel’s dividend policy.

By Sabina Mammadli