Two of Russia's richest men who worked together at world's largest aluminum producer United Co. Rusal ended their recent business conflict with the resignation of billionaire Viktor Vekselberg, reports read on Tuesday. Viktor, who together with his business partner Len Blavatnik owns 15.8% of Rusal, said he had resigned as chairman of the company's board. He blamed the management for leaving the company with too much debt.

"Due to the actions of its management, Rusal is presently facing a deep crisis, as a result of which Rusal has, in my opinion, deteriorated from an international aluminum leader into a company overburdened with debt and entangled in numerous lawsuits and social conflicts," Mr. Vekselberg said in an emailed statement early Tuesday. Rusal, in turn, almost immediately accused Mr. Vekselberg of failing to perform his duties.

"In his role as an acting chairman of the board, Vekselberg has not attended any of the live board meetings dating back to February 2011, was not present at the annual general shareholders' meeting on 25 June 2011 in Hong Kong, neither had he taken part in any investor meetings over the year," the company said. Mr. Vekselberg's decision to resign "pre-empted the anticipated consideration of this matter by the board," Rusal said. An independent director is set to be appointed to replace Vekselberg, Rusal also said.

Vekselberg, whose personal wealth is estimated at $12.4 billion by Forbes magazine, came to prominence in the 1990s as a member of the powerful business community, known collectively as oligarchs. He owned and ran an array of oil and metals assets before winding up most of his business activities in 2010 to focus on the state-sponsored Skolkovo innovation center.