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Maxi-Group founder appeals to Supreme Commercial Court chairman

15:23 18/08/2011

MOSCOW, August 18 - RAPSI. Maxi-Group founder Nikolay Maksimov sent a letter to Supreme Commercial Court Chairman Anton Ivanov disputing the legality of the judgment in the Novolipetsk Steel Works (NLMK) case, Maksimovs representative Alexander Malyshev told the Russian Legal Information Agency (RAPSI).

The Chamber of Commerce and Industrys International Arbitration Court recovered over 9 billion rubles ($311.8 million) from NLMK in favor of Maksimov for Maxi-Group shares sold in 2007. However, the Moscow Commercial Court overturned this judgment.

Maksimov said the Moscow Commercial Court stated that the International Arbitration Court judges miscalculated the price of the shares and "attempted to reevaluate the arbitration award on its merits," which contradicts the standards of contesting arbitration awards.

Maksimov said the ruling on the case could result in a negative fallout for the investment climate in Russia.

In December 2007, NLMK purchased 50 percent +1 share in Maksi-Group, which comprised several enterprises. Both parties later filed lawsuits given their different views on the price of the deal.

RAPSI News Service

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Maxi-Group founder appeals to Supreme Commercial Court chairman

15:23 18/08/2011 Maxi-Group founder Nikolay Maksimov sent a letter to Supreme Commercial Court Chairman Anton Ivanov disputing the legality of the judgment in the Novolipetsk Steel Works (NLMK) case.
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