At the High Court in London, the opening speech of Mark Howard, attorney of Mikhail Cherney, who issued a claim for 20% of Russian Aluminium JSC (RUSAL) of Oleg Deripaska, was completed.
"The heart of the case" was the events on March 10, 2001. This date was stated on the two documents signed in London hotel Lanesborough. On the first agreement, Oleg Deripaska was to pay Mikhail Cherney $100 million for 17.5% of Siberian aluminium (Sibal, entering in Russian aluminium company after the merger with the assets of Roman Abramovich in 2000) and another $150 million to repay the debt of the company. In addition to the agreement, it stated that within three to five years Deripaska was to realize 20% of Russian aluminum to third parties and pay Back the amount on the basis of current market value of shares minus the $ 250 million.
Payment of $250 million was held. But the respondent insists that these documents were only established with the aim to end the "roof" relationship with Mikhail Cherney and Anton Malevsky. According to Deripaska, the addition to the agreement was just about the "payment of kickbacks."
The complainant claims that by the moment of acquaintance with Deripaska in October 1993 at the London Metal Exchange, he had already been a successful entrepreneur with extensive contacts in government and business. The lawyer told about the close cooperation of Lev and Mikhail Cherney with Trans World Group (TWG) David and Simon Reuben since 1992. Deripaska, according to the complainant, at the moment of their acquaintance needed the support of Mikhail Cherney, at least in order to establish control over the Sayanogorsk aluminium smelter (SAZ). By October 1993, his share had not exceeded 10%. The lawyer told the court about the curious episode: on October 22, 1993, at the meeting of SAZ shareholders, about 75% voted against Deripaska's appointment as Director of the factory.
Just after that, as the complainant states, Deripaska was advised to enlist “the support of the international trader". Thanks largely to TWG, Oleg Deripaska managed to establish control over SAZ and develop his aluminum business. Mikhail Cherney played a key role in providing this support.
One of the most interesting moments in the speech of the lawyer was the news that in 2003, SUAL of Victor Vekselberg was ready to buy 50% of Russian aluminum for $3 billion from Cherney and Deripaska. At a meeting in Vienna in mid-2003, Mikhail Cherney expressed concern that had not yet received the money for the remaining in the company 20%, and agreed to $1 billion from the transaction with SUAL. However, Deripaska refused to sell the business and assured Cherney that he would perform his obligations. As Cherney discovered later, Deripaska had been already engaged in negotiations with Abramovich about the repayment of his share in Russian aluminium.