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Russian tycoon Deripaska cleared of contempt of court in London

World

05-04-2023 | 06:05

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Russian tycoon Deripaska cleared of contempt of court in London

Russian aluminium tycoon Oleg Deripaska was cleared of contempt of court by London’s High Court on Wednesday in a long-running legal battle with his former business partner.

The founder of aluminium giant Rusal (RUAL.MM) was alleged to have breached an undertaking to the court in a lawsuit brought by former Russian finance minister Vladimir Chernukhin over a joint venture to develop real estate in Moscow.

Chernukhin said Deripaska was in contempt by allowing EN+ Group, which owns a 57% stake in Rusal, to relocate from Jersey to Russia in response to U.S. sanctions. But Judge Mark Pelling ruled on Wednesday that Chernukhin had not proved his case against Deripaska.

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