On November 14, 2011 the Nicosia (Cyprus) Court ruled in favor of NLMK, withdrawing the case and canceling the arrest that had been placed over the property of Novexco (Cyprus), NLMK’s affiliated trading company, in September 2011 based on a claim from Nikolay Maximov, for a total of approximately EUR30 million.
Maximov had filed an application with the Cyprus Court, based on the decision of the International Commercial Arbitration Court (ICAC) d.d. March 31, 2011, claiming interest on the amount awarded to him by the ICAC. Despite the fact that in April 2011 the Moscow City Arbitration Court issued a ruling to overturn the ICAC award holding it to be unlawful, Mr Maximov demanded the arrest of Novexco (Cyprus) funds.
The Court has accepted NLMK’s argument that it does not have jurisdiction to try this case and ruled to cancel the arrest of Novexco property, withdrawing the case with prejudice.