MAXI-Group founder appeals reversal of $308 mln award from NLMK
MOSCOW, November 11 - RAPSI, Natalia Belova. MAXI-Group founder Nikolai Maximov has appealed to the Supreme Court for a reconsideration of lower courts' judgments overruling the arbitration tribunal's decision to award him over $308 million from Novolipetsk Iron & Steel Corporation (NLMK), the court told the Russian Legal Information Agency (RAPSI).
In 2007 NLMK acquired a 50-percent stake plus one share in 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 which did not set a fixed price for the shareholding.
The final calculation was postponed until the due diligence of 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 Moscow Commercial Court held for NLMK on June 21 to overrule the March 31 adversary award of the International Commercial Arbitration Court at the Chamber of Commerce and Industry.
The Moscow District Federal Commercial Court upheld the trial court judgment in September. Maximov disagreed with the judgments and filed to the Supreme Court for their review under a supervisory procedure.