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Russia’s RUSAL purchase of Guinea’s Friguia valid — Paris court

July 21, 2014, 16:50 UTC+3 MOSCOW
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MOSCOW, July 21. /ITAR-TASS/. The International Arbitration Chamber of Paris has recognized the validity of an acquisition of Friguia Alumina Refinery in Guinea by Russian aluminum giant UC RUSAL, the giant said in a statement Monday.

In 2006, RUSAL bought the plant for $19 million. In 2009, Guinea appraised the plant at $257 million and accused RUSAL of non-payment of taxes and royalty. RUSAL accumulated an $860 million debt in the project, local authorities said, and filed a claim to invalidate the deal.

The Paris court also ordered the Guinean government to pay €250,000 to RUSAL in compensation for legal costs.

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