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Daughter of former Maxi-Group head seeks $376mln from steel giant

13:33 05/09/2012

MOSCOW, September 5 - RAPSI. The Sverdlovsk Regional Commercial Court has postponed hearing two complaints by the daughter of former Maxi-Group head, Nikolai Maximov Maria, to recover $373 million in damages from Novolipetsk Steel Company (NLMK), a court spokesperson told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The first 9.7 billion ruble ($301 million) suit has been postponed until September 10, and the second suit for 2.4 billion rubles ($75 million) - until September 29.

The legal battle between Maxi-Group and NLMK began in December 2007 when NLMK acquired a 50 percent plus one share stake in Maxi-Group, which comprised various metallurgy businesses.

Both parties later filed lawsuits regarding the price of the deal. The share price was to be calculated after an audit of the Maxi-Group companies. Maximov was given an advance payment of 7.3 billion rubles ($226.7 million).

The parties have yet to agree on the assessed values. All of their estimations have been prepared separately.

According to Maximov, the portfolio he sold was worth 23 billion rubles ($714 million). At the same time, NLMK said they were misled by Maximov, as he withheld information about Maxi-Group's debt and looming bankruptcy. NLMK holds that Maxi-Group was insolvent at the time of the purchase.

NLMK is one of the world's largest steel producers. It has divisions in Russia, the EU and in the United States. Company board chairman Vladimir Lisin owns 85 percent of the shares in NLMK via a Cypriot offshore company.

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Daughter of former Maxi-Group head seeks $376mln from steel giant

13:33 05/09/2012 The Sverdlovsk Regional Commercial Court has postponed hearing two complaints by the daughter of former Maxi-Group head, Nikolai Maximov Maria, to recover $373 million in damages from Novolipetsk Steel Company (NLMK).
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