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. Last Updated: 07/27/2016

Basic Element Protests 'Provocation'

The holding company of billionaire Oleg Deripaska said Monday that its enemies were trying to whip up a media campaign to discredit the tycoon by accusing him of financing political parties.

Basic Element, a company grouping Deripaska's assets including world No. 3 aluminum producer RusAl, said certain unidentified forces were trying to mar its reputation.

"The aim of the political provocation that is being planned is to inflict damage against the reputation of Oleg Deripaska and companies belonging to him," Basic Element said in a statement on its web site.

"We do not participate in politics either directly or indirectly," it said. Basic Element declined further comment.

The company did not specify who its enemies were.

Basic Element said Deripaska's enemies were trying to spread false information that Deripaska and his companies financed the Congress of Russian Communities, or KRO, headed by Dmitry Rogozin, and the right-wing Movement Against Illegal Immigration. Novaya Gazeta reported Monday that Deripaska had given funds to the KRO.