Rusal chief executive and 7 directors resign

Rusal chief executive and 7 directors resign

Russian aluminium producer Rusal said its chief executive and seven directors had resigned.

The company said that “in furtherance of such efforts”, chief executive Alexandra Bouriko had resigned and seven directors would step down on June 28 and not seek re-election. 

Executive directors Vladislav Soloviev and Siegfried Wolf, and non-executive directors Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina had also tendered their resignation as directors with effect from June 28, it said in a filing to the Hong Kong bourse.

Rusal said that a :significant number of counterparties communicated that they are likely to discontinue any existing contracts” after October 23, the deadline set by Washington for US customers to wind down business with Rusal.

The company added that "some financial institutions have limited processing of payments for or on behalf of the companies of the [group]/:, adding that Rusal "may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment."

Evgeny Nikitin, previously head of Rusal’s aluminium division, would take over as acting chief executive, the company said. Bouriko served only three months in the role after she became the first female head of a Russian commodities group, the FT reported.

Rusal said it was "taking all available steps", including discussions with US and other regulators, to protect its shareholders, creditors and business partners.

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