Alcoa has said that it expects a trouble-free transfer of its shareholding in Rio Tinto from a custodial account with Lehman Brothers International Europe in London.
The shares are to be placed into a separate account with another nominee not affiliated with Lehman Brothers. The mining company is working with both Lehman Brothers administrators and Chinalco to complete the transfer.
Alcoa and Chinalco jointly hold the shares through a vehicle named Shining Prospect.
The fact that Alcoa and Chinalco are the owners of the shares is not in dispute.
The Shining Prospect shares are held in a separate custodial account, meaning that they are not assets of Lehman Brothers and are therefore not subject to the claims of Lehman’s general creditors.
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