Deripaska plans to offer 25pc of SMR shares in Hong Kong float

Russia's richest man Oleg Deripaska has announced plans for an initial public offering on the Hong Kong stock exchange for his firm SMR, which owns his mineral assets.

Mr Deripaska plans to float at least 25 per cent of the firm's shares in Hong Kong, after declaring the territory offered fewer 'legal' difficulties than floating in London.

Mr Deripaska, who amassed a US$28 billion fortune during Russia's 'aluminium wars', says Hong Kong was 'less regulated' than the London Stock Exchange.

Currently banned from entering the United States because of alleged links to the Russian mafia - which he denies - Mr Deripaska became rich after taking control of his lucrative local aluminium smelter in the early 1990s and ferociously defending it against all-comers.

The announcement came as he hit out at claims in London that a rival in an ongoing High Court battle faced assassination, trumped-up charges and an unfair trial in Russia.

Mr Deripaska said he was 'offended' by a judge's ruling in London last week that his opponent, Michael Cherney, would not get a fair hearing in his dispute with him back in Russia. The tycoon said the claims in the London court were pejorative and inappropriate.

'As a Russian citizen, Mr Deripaska is offended by the pejorative claims made by the English court about the Russian judicial system,' said a statement issued on his behalf in Moscow.