Judgment was delivered last week in IPJSC United Company Rusal v Whiteleave Holdings Ltd & Ors [2026] EWHC 154 (Comm), the latest decision in long-running litigation between Rusal and Whiteleave, the two largest shareholders in PJSC MM Norilsk Nickel (‘NN’), one of Russia’s largest mining companies. The litigation, which is set down for a for a 14 week Commercial Court trial commencing in April 2027, involves claims under a shareholder agreement, known as the Framework Agreement, relating to the management of NN. The parties to the Framework Agreement include Vladimir Potanin, the President of NN (and a substantial indirect shareholder), against whom Rusal has brought a number of claims personally.
The decision relates to Mr Potanin’s obligations to search and give disclosure in the proceedings of documents held by NN and its subsidiaries. Nigel Cooper KC, sitting as a Deputy High Court Judge, held that as a matter of Russian law Mr Potanin did have a right to access documents held by NN, save where, in respect of a particular document or category, it could be shown that disclosure of particular documents would involve a breach of his duty to act in good faith in NN’s interests, and practical control of documents held by the subsidiaries. Documents held by NN and the subsidiaries were accordingly found to be under Mr Potanin’s control for English law disclosure purposes and the Court concluded that it would be appropriate to make a disclosure order against him.
A copy of the judgment can be found here.
Tom Ford and Francis Cardell-Oliver, led by Fionn Pilbrow KC of Brick Court Chambers, appeared for Rusal, instructed by Olga Bischof of PCB Byrne LLP.
