Russian oligarch Oleg Deripaska is losing control of his energy company, En+ Group, paving the way for aluminum giant Rusal to be freed from tough sanctions by the U.S. Treasury Department.
Rusal, one of the world’s largest aluminum producers, was sanctioned in April by Treasury’s Office of Foreign Assets Control because of Deripaska’s stake in the company. The Russian billionaire is alleged to have conducted a range of illegal activities, including money laundering, extortion and ordering the murder of a businessman, according to Treasury.
He is also reportedly part of special counsel Robert Mueller’s investigation into Russian meddling in the 2016 presidential election.
The board of En+ Group, which owns a controlling interest in Rusal, on Friday voted unanimously to sever Deripaska’s control of the parent company and shrink his share below 50 percent. The board’s plan also seeks “to end his influence over the Board through the appointment of a majority of independent directors,” according to a press release.
Deripaska also resigned as a director of the company, effective immediately, and will not seek re-election as a director of Rusal.
“The En+ directors’ unanimous approval of my far-reaching, sanctions removal plan, shows we mean business,” said Lord Greg Barker, En+ Group’s independent board chairman, in a statement. “Mr Deripaska’s departure from the boards of En+ and Rusal is just the start of the sweeping changes to come.”
Rusal had been given until June 6 to end Deripaska’s control of the company. The sanctions, which would prohibit transactions in dollars with the aluminum firm, could have had devastating consequences for Rusal.
A Treasury spokesman did not immediately respond to a request for comment.
Deripaska made headlines last year after it was reported that President Donald Trump’s former campaign manager Paul Manafort offered him "private briefings" on the 2016 presidential election less than two weeks after Trump became the Republican nominee.
The Russian oligarch filed suit in January against Manafort and business partner Rick Gates over a failed business deal.
The original story can be found here.
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