Russian steelmaker Novolipetsk Iron and Steel Corp. (
NLMK) has announced that the court of Amsterdam has ruled in favor of
NLMK, regarding Maxi Group founder Nikolay Maximov's request for leave to enforce the ruling of the International Commercial Arbitration Court (ICAC) dated March 31, 2011, that was annulled by the Moscow Arbitration Court in April 2011.
In addition to the Amsterdam court, other European courts such as the courts of Luxembourg and Cyprus have also dismissed Maximov's attempts to seize the foreign assets of
NLMK under the annulled ruling.