Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The 'aluminium wars' attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of acting as a middleman between the producers and the buyers is called tolling. In the 'aluminum wars', Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging in ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore companies took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.

Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The 'aluminium wars' attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of acting as a middleman between the producers and the buyers is called tolling. Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging in ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore companies took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.

Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The 'aluminium wars' attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of Trans-World Group of acting as a middleman between the producers and the buyers is called tolling. Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging in ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore companies took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.

Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The 'aluminium wars' attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of Trans-World Group of acting as a middleman between the producers and the buyers is called tolling. Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging in ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore Trans-World Group took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.

Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The 'aluminium wars' attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of Trans-World Group of acting as a middleman between the producers and the buyers is called tolling. Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging the practice of ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore Trans-World Group took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.

Great digging. I remember the Ruben brothers from reading about them in the Financial Times.

The brothers set up Trans-World Group in 1977, and began by buying aluminium from the USSR in the 1980s. “We started in aluminium because it has not traded on the metal exchange,” David Reuben.

“Trans-World had a run of about five years before the London Metal Exchange started making its own market in aluminium. We were trading as much as 1m tonnes a year and were among the top three traders.” David Reuben.

Trans-World Group was involved in the “Great Patriotic Aluminium War”. Note: The Russian term ‘Great Patriotic War’ was the Eastern Front of World War II (1941-1945)

The Russian ‘aluminium wars’ (1994-1998), was a bloody period in Russia’s post-communist asset grab from which a few dozen oligarchs emerged – and several potential oligarchs lost their lives because of the influence of organised crime (Russian mafia) “Every three days, someone was being murdered.” Roman Abramovich.

The aluminium wars attracted a lot of competitors, each one vying to gain power over the others, but aparently, the Ruben brothers were good guys: "On more than one occasion we have been on the receiving end of actions that have lacked any legality." David Reuben.

Here's how their metal trading company, Trans-World Group (TWG) made it's money:

The practice of Trans-World Group of acting as a middleman between the producers and the buyers is called tolling. Alumina, the main raw material, was in short supply in Russia, and the foreign holders of refining plants (such as Trans World Group) were engaging the practice of ‘tolling’ because it was lucrative. In this complex form of tax evasion, offshore Trans-World Group took advantage of duty exemptions on the purchase of raw materials which they sold on to their refining facilities at market prices, booking the profits in the low-tax jurisdictions of their offshore havens.

This is a scheme under which enterprises (like aluminum smelters) are only used as processors of the raw materials supplied by intermediary firms, after which the product sales profit is placed in an offshore account. All TWG-controlled plants, including Mykolayiv Alumina Plant (MAP), worked under tolling. During some years, enterprises like the Krasnoyarsk Aluminum Works (KAW) worked at full capacity processing alumina (the raw material of Aluminum) under the tolling scheme, only to become loss making at year’s end.

Note: “There is absolutely no truth to any of the allegations that Trans-World has been involved in any illegal activity in Russia,” David Reuben.