HONG KONG / SANGANG / November 5th. / Tass /. The Board of Directors of RusAl, which fell under US sanctions, decided to redomicit (transfer to another jurisdiction) from the island of Jersey (as part of the Channel Islands archipelago) to Russia. This is stated in the message of the company, distributed on Monday morning at the Hong Kong stock exchange.
"After careful consideration, the board of directors decided that this is in the interests of the company and its shareholders," the company noted.
The completion of the re-registration will require the approval of the Russian authorities, bringing the company's regulatory documents into line with Russian legislation, changing the English and Russian name of the company in accordance with the new status, issuing Russian shares and appointing Yevgeny Nikitin as the company's general director, the report said.
As reported in another report on Monday, Nikitin was appointed general director on November 1.
The company also noted that its transfer to the territory of Russia "depends on many factors" and may not take place.
On the possible re-registration from the island of Jersey to the territory of Russia, Rusal, said in August, believing that this "could be in the interests of shareholders." The Ministry of Economic Development announced that it is waiting for the re-registration of Rusal in the Russian offshore in October.
Also, as previously reported, the decision to re-register on November 1 was taken by En +. Re-registration is yet to be approved by the shareholders of the group.
About US sanctions
On April 6, US authorities announced the imposition of sanctions on a number of Russian officials, businessmen and companies. Among them was Oleg Deripaska and the companies Rusal related to him, the Basic Element holdings, En + and Russian Machines, Eurosibenergo, the GAZ Group, the investment company B-Finance and the Kuban agricultural holding.
Sanctions prohibit US residents from doing business with these companies and order them to get rid of the shares and debt instruments of the enterprises listed.
According to the En + plan for resigning from sanctions, in particular, it is necessary to re-elect the company's board of directors, include independent directors, withdraw Deripaska from the En + and Rusal board of directors, and reduce Deripaska’s ownership share in En + to less than 50%. The share of Deripaska and his family members in the capital of En +, according to Barker's plan, should be transferred to the management of organizations or trustees, which the Treasury Department will agree on.
In addition, the right to vote for a package of shares owned by VTB, Barker proposes to transfer to an independent person who "has already been represented by OFAC on July 5". The loan granted by VTB to Deripaska’s structures is planned to be restructured.