Guinea Court declared as invalid the transfer complex in Fria to “Rusal”
In Guinea, the court held that the act of transfer of shares of bauxite and alumina complex in Fria in favor of the company Rusal is illegal,reported RIA News, citing the Ministry of Foreign Affairs of Russia. Such a decision issued judicial establishment of the Guinean capital Conakry.
The authorities claim that the company acquired the company for “an inadequate price.” According to them, “Rusal” has acquired the plant for 20 million dollars, but the real price range of $ 250 million. Also, “inadequate” are tax deductions. In addition, in the opinion of Guinea, Rusal violates environmental standards. Russia Foreign Ministry also said that “the Guinean authorities attempted to expropriate property in the courts Rusal.
Rusal has controlling stakes in a plant in Fria three years ago. Total company operates in Guinea since 2001. The company annually produces 600 thousand tons of alumina and 2.8 million tons of bauxite.