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NLMK wins lawsuit against MAXI-Group head Nikolai Maximov in Amsterdam

17:19 18/11/2011

MOSCOW, November 18 - RAPSI. An Amsterdam court has held in favor of a Russian iron and steel corporation to dismiss a businessman's lawsuit, the corporation reports.

The court has dismissed Nikolai Maximov's lawsuit to enforce the International Commercial Arbitration Court's March 31 decision, which was declared unlawful and overruled by the Moscow Commercial Court in April.

MAXI-Group head Nikolai MaximovMAXI-Group head Nikolai Maximov

In 2007, the Novolipetsk Iron & Steel Corporation (NLMK) acquired a 50-percent stake plus one share in Maximov's Maxi-Group, which comprises a number of companies, ranging from scrap iron recyclers to steel and finished steel producers. The acquisition was based on an agreement that did not set a fixed price for the shareholding.

The final calculation was postponed until the due diligence of the MAXI-Group companies is completed. Meanwhile, Maximov received about 7.3 billion rubles ($237 million) upfront. Eventually, the parties' disagreement on the transaction amount resulted in a number of lawsuits.

The Amsterdam court's decision is the third judgment passed by European courts siding with NLMK.

The International Commercial Arbitration Court awarded Maximov in March 8.92 billion rubles ($290 million) in principle debt and 638.35 million rubles ($20.7 million) in interest from NLMK. Additionally, the court partially compensated him for the arbitration fee in the amount of 12.6 million rubles ($410,000).

NLMK also requested from the Amsterdam court an order prohibiting Maximov from using distorted facts in the given case in other countries' courts, the report reads.

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NLMK wins lawsuit against MAXI-Group head Nikolai Maximov in Amsterdam

17:19 18/11/2011 An Amsterdam court has held in favor of a Russian iron and steel corporation to dismiss a businessman's lawsuit.
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