Published On: Tue, Mar 20th, 2012

HKMEx Barry Cheung Chun-Yuen Elected Board Chairman of Rusal

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Barry Cheng Chairman Rusal

Barry Cheng Chairman Rusal

The board of Russian aluminum giant United Co. Rusal’s PLC (0486.HK) Friday elected non-executive director Barry Cheung Chun-Yuen as its chairman, the company said.

Cheung, who is the chairman of the Hong Kong Mercantile Exchange Ltd., replaces Russian billionaire Viktor Vekselberg who resigned Monday in a conflict with Rusal’s management, headed by another billionaire and Rusal’s largest shareholder Oleg Deripaska.

Vekselberg, who with his business partner Len Blavatnik owns 15.8% of Rusal’s stake, accused the management of creating a “deep crisis” in the company.

Rusal in turn almost immediately accused Vekselberg of failing to perform his duties, while Deripaska denied the allegation.

Cheung said: “As an immediate priority, a comprehensive review of the company’s corporate governance practices will be undertaken and additional independent directors will be appointed in order to raise the number of such members to one third of board membership.”

En+, Deripaska’s investment vehicle, which owns 47.4% stake in Rusal, in 2010 acquired a 10% stake in the Hong Kong Mercantile Exchange.

Source: Dow Jones Newswire

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