Talco, the company behind Tajikistan’s largest factory, is nearing a deal that would end an eight-year legal battle with the world’s largest aluminum maker, the company says.
The state-owned Talco aluminum smelter is controlled directly by Tajikistan’s strongman President Emomali Rakhmon, whose family has appeared to benefit disproportionately from the plant’s revenues.
But a history of troubled deals with Russia’s Rusal and its subsidiaries saw Talco lose in arbitration hearings in Switzerland and the British Virgin Islands in 2013 and 2014. According to Rusal, as of May 2014 the Tajik company owed $363 million, including interest. With interest accruing at nearly $45,000 per day, the total would be roughly $375 million today.
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