March 12, 2015 / 5:27 PM / 3 years ago

Kiev says will take over Rusal's stake in ZALK aluminium complex

MOSCOW, March 12 (Reuters) - Ukraine’s High Court has decided to take back into state ownership a 68-percent stake in an asset of Russian aluminium giant Rusal, the General Prosecutor’s office said in a statement on Thursday.

Rusal suspended work at the Zaporizhia (Zaporozhye) alumina and aluminium complex (ZALK) in southeastern Ukraine several years ago as a result of low aluminium prices.

“The highest court has finally drawn a line under a multi-year debate over the termination of an ... agreement over a 68.01-percent stake in ZALK, valued in the agreement at more than 380 million hryvnias ($20 million),” the Prosecutor’s office said.

The company, which bought the stake 14 years ago, plans to appeal against this decision in international courts, it said in an emailed statement.

Rusal, controlled by Oleg Deripaska, also owns the Mykolayiv (Nikolaev) alumina plant in Ukraine, its second biggest alumina asset, which has not been affected by the conflict so far. ($1 = 19.0000 hryvnias) (Reporting by Polina Devitt and Pavel Polityuk; Editing by Greg Mahlich)

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