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From The Sunday Times
October 26, 2008

Oligarch’s alumina refinery at risk

Oleg Deripaska, owner of Limerick’s Aughinish Alumina, faces a London court action that puts his empire in jeopardy

Colin Coyle

The future of Aughinish Alumina, the Limerick alumina refinery, may rest on the outcome of a High Court action in London being taken against the company’s owner, Oleg Deripaska, a Russian tycoon.

Deripaska, whose relationship with Peter Mandelson, the former EU commissioner for trade, is under growing scrutiny, is fighting a legal action brought by Michael Cherney, a former associate, who is suing him for £2 billion (¤2.5 billion).

Aughinish Alumina has 500 full-time staff and 200 contract workers, contributing about ¤100m to the local economy each year. It was acquired by Deripaska’s Russian firm, United Company Rusal in 2006, and is one of the biggest employers in the region.

Deripaska, who has vied with Roman Abramovich for the title of Russia’s richest man in recent Forbes magazine wealth lists, is facing serious financial difficulties. He is under pressure to refinance loans worth ¤4.5 billion

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