Outcome of ICAC proceedings
On 31 March 2011, sitting at the Chamber of Commerce and Industry (CCI) of the Russian Federation (RF), the International Commercial Arbitration Court (ICAC) issued an award partially satisfying the claim of Mr. Maximov against NLMK OJSC and dismissing NLMK’s counterclaim. Under the ICAC award, NLMK must pay Mr. Maximov the sum of RUR8,928,001,875 as the remainder of the purchase price for the Maxi-Group shares plus accrued interest under the Maxi-Group Share Purchase Agreement.
NLМК considers the ICAC arbitrators’ award unjustified and prejudged. In the course of proceedings the arbitration panel ignored a number of circumstances that were of material importance for the dispute, which puts into doubt the independence of the arbitration panel judges.