Tycoon Vekselberg resigns from Rusal's board

[March 13, 2012]  MOSCOW (AP) -- Russian billionaire Viktor Vekselberg has stepped down as chairman of aluminum giant Rusal, warning of a "deep crisis" at the company.

The resignation prompted Rusal to suspend trading of its shares Tuesday after they shed 1.3 percent of their value on the Hong Kong Stock Exchange.

Vekselberg said in a statement issued late Monday that Rusal was being badly managed and had been weighed down by debt.

The company, the world's largest aluminum producer, replied Tuesday by saying it had planned to replace Vekselberg for failing to fulfill his duties as board chairman over the past year.

Vekselberg had chaired the board of Rusal since its founding in 2007. He is Rusal's third-largest shareholder and holds a 15.8 percent stake in the company.

[Associated Press]

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