Bank of America Merrill Lynch replaced Goldman Sachs as a “key adviser” on United Company RusAl’s planned $30 billion stock-market listing, the Independent on Sunday reported, citing unidentified bankers.

The reason for Goldman’s departure was unclear and the decision was “mutual,” the newspaper said.

The report came after The Wall Street Journal reported Saturday that Wall Street firms were in a quandary about getting involved with the planned listing because majority owner Oleg Deripaska has been barred from getting a U.S. visa on allegations that he is connected to organized crime.

Citing sources familiar with the matter, the Journal reported that Goldman Sachs Group had looked likely to take one of the top two underwriting slots before stepping away from the deal.

Deripaska has denied links to organized crime and has never been charged with a crime. The Wall Street Journal’s sources said Goldman had been unable to get comfortable with risks linked to the deal in the accelerated time frame.

On Wednesday, sources with direct knowledge of the deal said RusAl would seek Hong Kong listing committee approval soon, hoping to raise about $2 billion through a dual listing. The sources said RusAl also planned to list in Euronext Paris, but that the primary listing would be in Hong Kong.

RusAl hopes to begin trading in December, though the IPO is contingent on progress with its debt restructuring, the sources said. The Journal has reported that Deripaska traveled to the United States twice recently using entry permits arranged by the FBI, with whom he met during his visits. 

(Reuters, Bloomberg)