Russian steelmaker Novolipetsk Iron and Steel Corp. (NLMK) announced that on October 28 the Palais de Justice, Luxembourg ruled to cancel the block on the shares of Steel Invest and Finance (SIF), a wholly-owned subsidiary of NLMK. The block on the shares in question was based on a debt claim made by Nikolay Maximov against NLMK.
As SteelOrbis previously reported, Mr. Maximov appealed to the Luxembourg court after Moscow City Arbitration Court overturned the International Commercial Arbitration Court (ICAC) ruling from March 31, 2011 made in favor of Mr. Maximov, regarding the dispute between him and NLMK on the completion of payments by NLMK.
However, the Luxembourg court has ruled that NLMK is not involved in the conflict claimed by Mr. Maximov and has thus cancelled the block on SIF shares.