September 06, 2010 18:54 ET

FNS: No Violations Found in Norilsk Nickel Shareholders' Meeting, According to Russian Commission for Financial Markets

MOSCOW--(Marketwire - September 6, 2010) -  FNS reports: Today, the Russian Federal Commission for Financial Markets (FCFM), the country's financial markets watchdog, issued a report to the Prosecutor General's Office on the alleged irregularities during the Russian miner Norilsk Nickel's shareholders' meeting that took place on June 28, 2010. According to the FCFM, no irregularities were found.

"Our investigation did not reveal any violations," the FCFM representative said in an interview.

The Russian Prosecutor General's office opened an investigation into the shareholders' meeting and the board elections of Norilsk Nickel, the world's largest nickel producer, per request of Russian President Dmitry Medvedev. Earlier this summer, Oleg Deripaska, the CEO of aluminum giant Rusal, which owns a 25-percent stake in the miner, filed a complaint of alleged violations during the shareholders' meeting and appealed to the government to launch the investigation. Norilsk Nickel denied any wrongdoing and backed Deripaska's request for an investigation of the company's board elections. 

According to the FCFM, the review showed that the allegations made by Rusal's CEO were groundless.

The FCFM said that the report is filed with the Russian Prosecutor General's office and copies will be sent to the management of Norilsk Nickel and Rusal.

Russian Financial News Service ("FNS") is the open news partnership. It provides coverage of the Russian business and financial news as well as regulatory filings.