Treasury Secretary Steven Mnuchin said that Russian billionaire Oleg Deripaska and his family together own less than a majority of shares in United Co. Rusal, the world’s second-largest aluminum producer, after a settlement to get the company out from under US sanctions.
The deal left Deripaska and “related entities” with a 45% stake in Rusal, Mnuchin said Tuesday at a House Financial Services Committee hearing. Some shares of the company were transferred to Deripaska’s children through a divorce decree that “legally bound” him to do so, according to Mnuchin.