NLMK will continue to court war with Maximov

Novolipetsk Steel said unlawful decision of the International Commercial Arbitration Court of the partial satisfaction of the claim minority shareholders of Max Group Nikolai Maximov. About this in a Steel Plant. According to NLMK, the decision of the arbitrators are biased and based on incomplete research or ignoring the evidence. "In violation of the principle of equality between the parties, the Arbitral Tribunal did not require the plaintiff to prove Maksimova NV pursuant to its obligations under agreements, which are a prerequisite for payment Maksimova NV purchase price for the shares of Maxi-Group." Arbitrage refused to consider performance Maximov NV obligations in the data portion of representations and warranties under the Agreement, having considered them "irrelevant" - said in a statement. NLMK intends to appeal the decision of the ICAC in accordance with the procedures established by law. The decision of the ICAC issued on March 31. The Court also disregarded the request NLMK to suspend the proceedings pending the outcome of the Arbitration Court of Moscow of the bankruptcy case of Maxi-Group, and a challenge to the current composition of the arbitration. As is well known, and the end of February NLMK sued in the Moscow Arbitration Court to invalidate the deal on purchase of a 51 % share holding in Maxi-Group. NLMK In its lawsuit asks the court to compel the defendant to return the asset paid for 7.3 billion rubles. In 2007, Maksimov, at that time the only owner of Maxi-Group, the threat of bankruptcy of the company was forced to sell 50% +1 share NLMK for $ 600 million, of which he managed to get half. But the partners have agreed that for the salvation of Maxi-Group, they provide the company loans: NLMK in late 2007, granted a loan of $ 400 million, and H . Maksimov in January 2008 won a Maxi-Group's 7.3 billion rubles. Ministry of Industry