A NEW front has opened in the battle between Vladimir Potanin and Mikhail Prokhorov, with the oligarchs disputing a scheme for disposals at Polyus Gold, the London-listed gold miner.

Potanin’s investment group, Interros, is trying to stop Polyus, which is chaired by Prokhorov, carving out a group of 13 gold prospects into a new company.

Interros, which is understood to have a 22% stake in Polyus, has successfully called for an extraordinary shareholders’ meeting on April 7, and put forward motions for an amendment of the company’s charter and the election of a new board.

In December the board approved the scheme and said it was looking at the best way of handling the disposals.

Evgeny Ivanov, brought back as chief executive by Prokhorov last year, was “entrusted with the preparation of the fairness opinion for the carve-out of the exploration assets and the preparation of the independent experts’ report to ensure the fair value of the assets”, the company said in a statement after the meeting.

Potanin’s camp disputes the validity of the meeting, and said the carve-out should be stopped as shareholders were being deprived of the assets’ full value.

The tug-of-war is seen as part of a continuing “divorce” between Prokhorov and Potanin, long-time business associates who together built up Norilsk Nickel into a leading metals group. Polyus was spun off from Norilsk two years ago. Its main listing is in Moscow, with global depositary receipts traded on the London exchange. It has a market value of £5.3 billion.

A similar battle is under way at Norilsk, where UC Rusal, a leading aluminium maker, plans to buy Prokhorov’s stake and use it to install a new board.

Prokhorov sprang to unwanted prominence in the West last year when he was detained by French police in the ski resort of Courchevel on suspicion of supplying prostitutes for his guests.

The billionaire, who has always denied any wrongdoing, was held for four days before being released without charge.

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