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Novolipetsk Steel

June 22, 2011

Court overturns ICAC ruling

On June 21, 2011 the Moscow City Arbitration Court satisfied NLMK’s claims, overturning the International Commercial Arbitration Court (ICAC) ruling from March 31, 2011 which had partially satisfied the claim of Nikolay Maximov and allowed the latter to claim RUR9.5 billion in compensation. The Moscow City Arbitration Court supported NLMK’s position, dismissing Maximov’s motions aimed at delaying the proceedings or at leaving the claim undecided. The case (À40-35844/11) was heard by Judge Natalia Shumilina.

Among its claims to the ICAC, NLMK stated that the ICAC decision was due to the arbitrators’ bias approach to the case. Facts of the ICAC arbitrators’ connections with Maximov’s experts were revealed; however, in violation of its own procedures, the ICAC ignored this circumstance. The ICAC panel was presented with evidence that in 2007 Maximov had misled NLMK by pledging representations and warranties on Maxi-Group’s actual state of business in the Shareholder Agreement. However, the ICAC refused to give a proper legal valuation to the multiple violations on the part of Maximov of these representations and warranties, dismissing these issues as “irrelevant”. Moreover, in breach of its own regulations, the ICAC, having dismissed the motion to disqualify Judges Belykh, Vyatkin and Zykin, stripped NLMK of the opportunity to appeal before the CCI (Chamber of Commerce and Industry of the Russian Federation) President within thirty days, by publishing the challenge dismissal at the same time as the award on the main proceedings.   

NLMK shall continue to stand by its position in courts, including a suspension of the proceedings initiated in the court of Amsterdam (Holland) by a suit from Maximov that was based on the unlawful ruling from the ICAC.

The text of the Moscow City Arbitration Court award will be released within a few days.

 

 

 

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