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Mark Garber quits Rusal board

June 26, 5:40 UTC+3 MOSCOW

The decision to resign will come into force on June 28

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Mark Garber

Mark Garber

© Stanislav Krasilnikov/TASS

MOSCOW, June 26. /TASS/. Chairman of GHP Group board Mark Garber has tendered his resignation as an independent non-executive director of Russia's aluminum producer Rusal with effect from 28 June 2018, "due to other business commitments," the company said in a statement on Tuesday.

"Garber confirms that he does not have any disagreement with the board of directors and that there is no matter relating to his resignation which needs to be brought to the attention of the shareholders of the company," the statement said.

In May, Rusal reported about resignation of its top management, including CEO Alexandra Buriko. Oleg Deripaska also quit the post of non-executive director of the company. Rusal confirmed its projections of the US OFAC (Office of Foreign Assets Control) sanctions potentially having adverse impact on the group.

In April, Maksim Goldman and Daniel Lesin Wolfe quitted Rusal’s board of directors as non-executive directors of the company. Head of Swiss trader Glencore Ivan Glasenberg and former US ambassador to the UK Philip Lader also left the company’s board.

On April 6, the US Treasury slapped sanctions against a few Russian businessmen, including Oleg Deripaska, as well as several enterprises belonging to him, including Agroholding Kuban, Eurosibenergo, Rusal, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element, and En+. Later the US authorities said that sanctions relief could be provided for Rusal if its co-owner Deripaska made divestment and relinquished control over the company.

On May 18, En+ Group presented a plan on US sanctions relief, which contained reduction of the stake of its main shareholder Oleg Deripaska to less than 50% and suspension of its influence on the board of directors. The US authorities ordered local investors to get rid of shares of sanctioned Russian companies by May 7, 2018. American investors were also instructed to cancel all contracts they signed earlier with all blacklisted companies before June 5. Later the Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018.

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