Major insurer obliged to submit engagement letters to minority shareholders
MOSCOW, February 8 - RAPSI. A court of appeals has held against Ingosstrakh insurance company's petition to cancel the $17,000 fine imposed by the Federal Service for Financial Markets for failure to provide engagement letters to its minority shareholders, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.
The financial markets watchdog fined Ingosstrakh after its minority shareholders complained that the insurer failed to give them copies of engagement letters from the lawyers representing Ingosstrakh in court.
RAPSIА/rapsinews.com has yet to reach Ingosstrakh for comments.
Founded in 1947, Ingosstrakh is Russia's leading insurance company. It operates over 220 offices in Russia and abroad.