LME warehousing policy 'breaches Rusal's human rights' – source

UC Rusal has claimed the London Metal Exchange’s decision to implement a new warehousing policy breaches its rights under the European Convention on Human Rights, a source close to the company said.

According to the source, Rusal is claiming that the decision breaches its right to "the peaceful enjoyment of its possessions", as economic interests and goodwill related to a business are deemed to fall under the definition of possessions. A judicial review, in which the LME has been named as a defendant, will be heard in the High Court of England and Wales in February or March 2014, ahead of the implementation of the proposed rule change on April 1, the source said. Rusal is not seeking financial compensation in the case, Metal Bulletin understands. Specifically, Rusal is challenging the decision announced on November 7 to shorten the limit on the length of queues permitted at individual warehouse locations to 50 days, from a 100-day limit proposed in July, the LME’s...

Published

Claire Hack

Shivani Singh

December 24, 2013

10:29 GMT

London