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GER - Mr Warnig to replace Mr Cheung as RUSAL board chairman

Reuters reported that Mr Matthias Warnig, a former East German secret agent turned investment banker who has known Russian President Mr Vladimir Putin since the 1990s has been appointed chairman of Russia's RUSAL replacing M r Barry Cheung who resigned.

Mr Cheung, the chairman of the Hong Kong Mercantile Exchange will remain on the board as an independent director, RUSAL, the world's largest aluminum company.

Mr Cheung confirmed that he has no disagreements with the board, nor are there any matters relating to his resignation as the chairman of the Board that need to be brought to the attention of the shareholders of the company.

Mr Warnig headed Dresdner Bank's operations in Moscow more than a decade ago. He now holds a board seat at state-controlled Rosneft and is a top executive at Nord Stream, a strategic gas pipeline from Siberia's gas fields to Europe.

The chairmanship of RUSAL, which produces about 10% of the world's primary aluminum and is coping with weak prices and relatively high debts has been surrounded by conflict since the resignation of Mr Viktor Vekselberg its largest shareholder after tycoon Mr Oleg Deripaska.

Source - Reuters

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