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Court to hear leading steel manufacturer's $7.4 mln claim

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18:14 29/09/2011

MOSCOW, September 29 - RAPSI, Alyona Yegorova. The court will hear on October 19 an appeal filed by NLMK, a leading international steel producer, against the dismissal of its $7.4 million lawsuit against a former Maxi Group's top manager, the court told the Russian Legal Information Agency (RAPSI).

NLMK is a shareholder of Maxi Group.

According to the claimant, former Maxi Group head Nikolai Maximov damaged his company by transferring corporate money to the bank account of Metallurgical Holding, owned by Maxi-Group. Then the money was transferred to his wifes account.

NLMK said Maximovs activities resulted in the artificial accounts receivable.

The Moscow Commercial Court held against NLMK's lawsuit against Maximov on July 29. NLMK and Maxi Group appealed the decision.

The court said NLMK's claim was unfounded as it was grounded on the loan granted by Maximov.

The Moscow Commercial Court declared Maxi Group bankrupt in August 2011 and commenced a bankruptcy procedure in the company.

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Court to hear leading steel manufacturer's $7.4 mln claim

18:14 29/09/2011 The court will hear on October 19 an appeal filed by NLMK, a leading international steel producer, against the dismissal of its $7.4 million lawsuit against a former Maxi Group's top manager.
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