MOSCOW, August 15 - RAPSI. The Moscow Commercial Court postponed until September 24 the consideration of Maxi-Group's lawsuit to recover $43.78 million from the company's founder Nikolai Maximov, the court told the Russian Legal Information Agency (RAPSI/ on Wednesday.

Maxi-Group filed the appeal to postpone the hearing, as it requires additional time to study the materials submitted by the defendant.

A representative of Metallurgical Holding, which is acting as a third party in the dispute, has also submitted an appeal to adjourn the case, as the company's lawyer is involved in another case that is presently underway in the Seventeenth Commercial Court of Appeals.

In its lawsuit, Maxi-Group seeks to recover from Maximov losses that the company incurred while he was the chairman of the board. The plaintiff believes that the funds were transferred without indemnity to companies controlled by the defendant under eight contracts.

During the preliminary hearing, Maximov's representative refused to recognize the lawsuit's validity and submitted an appeal to review the contracts.

Despite the plaintiffs objections, the court satisfied the appeal.

The court proceedings in the case began after December 2007 when NLMK acquired a 50 percent plus one share stake in Maxi-Group, which comprised various businesses.
Both parties later filed lawsuits regarding the price of the deal. The share price was to be calculated after a financial assessment of Maxi-Group companies. Maximov was given an advance payment of 7.3 billion rubles ($228.97 million).

The parties have not yet made any joint calculations. All of their estimations have been prepared separately.

In a previous statement, Maximov said the portfolio that he sold was worth 23 billion rubles ($721.41 million). At the same time, NLMK said the company was misled by Maximov, as he withheld information about Maxi-Group's debt and looming bankruptcy. The company said Maxi-Group was insolvent at the time of the purchase.

NLMK is one of the world's largest steel producers.