France recognizes ICAC award worth $232 mln against NLMK
MOSCOW, June 18 - RAPSI. A Parisian court has recognized the International Commercial Arbitration Court (ICAC) at the Russian Chamber of Commerce and Industry ruling to collect $232 million from Novilipetsk Steel (NLMK) for Maxi-Group founder Nikolai Maximov, his lawyer Vladimir Melnikov told the Russian Legal Information Agency.
According to Melnikov, the decision could result in the seizure of NLMK assets in France unless it voluntarily enforces the award. He added hat Maximov seeks a similar judgment in the Netherlands.
The Supreme Commercial Court has refused to recognize the ICAC award in Russia.
In December 2007, NLMK purchased 50 percent plus one share in Maxi-Group, which comprised several enterprises. The shares were purchased under a contract that did not indicate the shares' fixed price.
The final pricing was deferred until the completion of due diligence conducted into Maxi-Group. In the meantime, Maximov received 7.3 billion rubles ($178.5 million) upfront.
The parties' disagreement as to the transaction amount has resulted in several lawsuits.