NLMK calls off claim against Maksimov

Novolipetsk Iron & Steel Works (NLMK) placed an application with International Commercial Arbitrations Court under Russia’s Chamber of Commerce and Industry, asking to halt the claim laid by NLMK against founder of Maxi Group Nikolai Maksimov. The plaintiff initially wanted the defendant to pay off 5.9bn RUR worth of debt.

The plaintiff reports the decision was taken because new hearings were scheduled at Moscow Arbitration Court for February 19, 2011: NLMK now insists that Maxi Group be declared bankrupt.

Now the sticking point of the whole case was Maxi Group’s share price. NLMK bough 50% plus one share in Maxi Group in 2007 for the sake of further development of the company and of enhancing its capitalization through an investment program.

The partnership did not prove satisfactory, so court cases followed.

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