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Board members and top managers of Novolipetsk Steel not only made an agreement with Lisin. As they owned about 2.5%, or 150 million shares purchased, as it was said, from Lisin and "other private individuals", analysts believed that 0.6%, or 36.7 million shares, were purchased before the deal with Lisin.
Board members and executives of Novolipetsk Steel had received a big dividend for three years. In 2005 and 2006 they got at least 1.2 billion rubles. In 2007 another 450 million rubles were paid.
Such a generous bonus became a precedent for the Russian market.
Source: Vedomosti, 22 April 2008
Considering 1.8 billion debt, Nikolai Maksimov was supposed to receive 600 million dollars, whereas the value of the holding was 3 billion dollars. He was paid the first 300 million dollars tranche a year after the deal had been made. Novolipetsk Steel promised to pay the second half in three months, after an audit of accounts of the holding company.
But then Novolipetsk Steel submitted a report of PricewaterhouseCoopers auditing form and claimed that contractual value of Maxi Group had been overstated and therefore Nikolai Maksimov owed a significant amount of money to Novolipetsk Steel.
Every accountant is able to solve the trick that fixed one-billion debt on Maksimov: PWC auditors illegally counted a debt to the company, so-called accounts receivable, as a debt of the company. PricewaterhouseCoopers' report was confirmed by Gagarin and partners company. Founder of Gagarin and partners Igor Fyodorov who directly supervised the work of company's lawyers was a board member of Novolipetsk Steel, as well as Oleg Bagrin. As a result, Nikolai Maksimov who owned 50% minus 1 share of the holding company was completely removed from the corporate managing.
Later sevel so-called auctions were held which resulted in putting productive assets of Maxi-Group on a balance sheet of Novolipetsk Steel. Maksimov failed to dispute Novolipetsk Steel's operation in court. As if by agreement, judges consistently decided for Lisin. And when Maksimov was ready to produce conclusive evidence the courts denied him the right of action for unknown reason.
Source: Nasha Versiya, 24 January 2011
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