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Billionaire Oleg Deripaska will leave the board of directors of RusAl

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Billionaire Oleg Deripaska will leave the board of directors of RusAl
May 18
09:00 2018

Recently, the company En + Group, a member of the holding Basic Element, on its website has published information about the exclusion of Oleg Deripaska from the board of directors. The En + message says that the post of the billionaire will be taken by Philippe Mailfait, Independent Director of the holding.

At the meeting of the Board of Directors, the Barker Plan was unanimously approved. This strategy was developed by Gregory Barker, who holds the post of the company’s chairman of the board of directors. There was only one goal: to exempt En +  and its subsidiaries ( The Company, En + Group, RusAl, JSC EuroSibenEnergo) from the sanctions of the US Treasury.

Some time earlier, the Russian billionaire had agreed to reduce his stake in En + by 16% (now 66%), which should significantly reduce Oleg Deripaska’s influence on the board of directors’ resolutions.

Brian O’Toole, former senior adviser at OFAC and senior researcher at Atlantic Council suggested that a decrease in the proportion of the company’s shares would not help RusAl get out of a rather difficult situation.

The US Treasury has already reacted to the changes in the leadership of the aluminum giant. The verdict of the officials in Washington is unequivocal: the adopted decision of the council to reduce the share of the billionaire in En + Group and his subsequent resignation in no way will affect the easing of sanctions against the company by the US.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

 

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