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Court dismisses NLMK's $7.6 mln lawsuit against Maxi Group top managers

10:52 20/10/2011

MOSCOW, October 20 - RAPSI, Alyona Yegorova. An appeals court has upheld the dismissal of a $7.6 million lawsuit filed by NLMK, a leading international steel manufacturer, against former Maxi Group top managers Nikolai Maximov and Alexander Loginovskykh, the defendants' attorney told the Russian Legal Information Agency (RAPSI).

MAXI-Group head Nikolai MaximovMAXI-Group head Nikolai Maximov

NLMK is a shareholder of Maxi Group, a scrap-metal processor.

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 Loginovskykh.

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

The Moscow Commercial Court held against NLMK as it decided the transaction committed by Maximov could be canceled. The court also said the claimant failed to prove losses sustained by Maxi Group.

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Court dismisses NLMK's $7.6 mln lawsuit against Maxi Group top managers

10:52 20/10/2011 An appeals court has upheld the dismissal of a $7.6 million lawsuit filed by NLMK, a leading international steel manufacturer, against former Maxi Group top managers Nikolai Maximov and Alexander Loginovskykh.
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