RAPSI reported that the Moscow Commercial Court has postponed until August 10 the preliminary hearings into two Novolipetsk Iron and Steel Works lawsuits to recover USD 166.84 million from Maxi-Group founder Mr Nikolai Maximov. The lawsuits also seek to invalidate a sale and purchase agreement of Maxi-Group shares and to recover USD 225.88 million.

Earlier, the plaintiff's representative and the defendant requested an expert organization to submit the cost and the terms of the financial assessment to define the value of Maxi-Group shares as of December 3 2007.

NLMK asked the court to levy execution on Maxi-Group under the USD 225.88 million lawsuit if the transaction is invalidated. The company also requested that the court transfer the funds to the state budget as opposed to Mr Maximov.

Additionally, NLMK seeks to recover actual damages from the transaction worth RUB 61 million. Maxi-Group has been attracted as a co-defendant to the case. In one lawsuit, NLMK seeks RUB 5.392 billion from Mr Maximov. In the second lawsuit, the company seeks to invalidate the Maxi-Group shares sale and purchase contract and to recoup the RUB 7.3 billion that NLMK paid to the firm.

The court proceedings began after December 2007 when NLMK acquired a 50% plus one share stake in Maxi-Group, which comprised various businesses. Both parties later filed lawsuits regarding the deal price.

Source - Rapsi News

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