The court told the Russian Legal Information agency that a federal commercial court has postponed until February 6 its hearing of an appeal against the adverse judgment in the Novolipetsk Iron and Steel Works USD 18.5 million lawsuit against two former top managers of Maxi-Group Mr Nikolai Maximov and Mr Alexander Loginovskikh.

NLMK maintained that its lawsuit stemmed from a contract between Maxi-Group and Alfa Bank in which the bank agreed to provide equity sale consultation services personally to Mr Maximov then the Maxi Group's president.

NLMK argued in court that Mr Loginovskikh and Mr Maximov paid for the consultation services with Maxi Group's funds, as they were entitled to dispose of the company assets. The consultation services were provided directly to Mr Maximov.

According to NLMK, the consultation services resulted in a loss to Maxi-Group.

The Moscow Commercial Court declared Maxi Group bankrupt and launched bankruptcy proceedings against the company in August.

(Sourced from rapsinews.com)