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NLMK appeals dismissal of $7.4 mln suit against steel tycoons

12:43 20/01/2012

MOSCOW, January 20 - RAPSI. A court registered an appeal filed by Novolipetsk Iron and Steel Works (NLMK) against the dismissal of its $7.4 million lawsuit against two former Maxi-Group top managers, Nikolai Maximov and Alexander Loginovskikh, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.

NLMK is Russia's leading steelmaker. It acquired a 50-percent plus one share stake in Maxi-Group in December 2007.

MAXI-Group head Nikolai MaximovMAXI-Group head Nikolai Maximov

Maxi-Group is a major steel products manufacturer in Russia.

The Moscow District Federal Commercial Court has yet to set a hearing date.

The Moscow Commercial Court held against NLMK's suit against the Maxi-Group top managers on July 29 and the appellate court upheld the judgment on October 19.

NLMK filed its lawsuit against Maximov and Loginovskikh in the interest of Maxi-Group. NLMK claims Maximov inflicted losses on Maxi Group by transferring corporate money to the bank account of Metallurgical Holding, owned by Maxi-Group. Then the funds were transferred to his wife's account. The interest was remitted to Loginovskikh.

Maximov argued that the disputable operations were a part of Maxi Group's investment program. Besides, the funds were later returned to the Metallurgical Holding's account, he added.

The parties have been involved into litigations for several years now.

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NLMK appeals dismissal of $7.4 mln suit against steel tycoons

12:43 20/01/2012 A court registered an appeal filed by Novolipetsk Iron and Steel Works (NLMK) against the dismissal of its $7.4 million lawsuit against two former Maxi-Group top managers, Nikolai Maximov and Alexander Loginovskikh.
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