Leading Russian insurer obligated to open contracts to shareholders
MOSCOW, March 15 - RAPSI. The Supreme Commercial Court has dismissed Ingosstrakh's appeal to suspend a court ruling forcing the company to submit interested-party contracts to its minority shareholders, who jointly own a 38.5 percent stake in the company.
The Moscow District Federal Commercial Court confirmed on February 16 the court ruling to obligate Ingosstrakh to provide the agreements to its minority shareholders.
The Federal Service for Financial Markets ordered Ingosstrakh to submit the agreements on May 5, after examining the case upon the request of Vega, New Capital Ltd. and Investment Initiative Ltd., which are controlled by PPF Investments and jointly own a 38-percent stake in Ingosstrakh.
Ingosstrakh refused to provide its minority shareholders with agreements signed between the insurer and several companies including Oleg Deripaska's Basic Element in 2009- 2011.
PPFI representative Jan Piskacek told RAPSI/rapsinews.com that the minority shareholders hope Ingosstrakh will submit the required documents to bailiffs and will stop unlawfully withholding information from its minority shareholders.
RAPSI/rapsinews.ru has yet to obtain comments from Ingosstrakh.
Ingosstrakh is a leading Russian insurance company operating on the international and domestic markets since 1947. The company has offices in 220 Russian cities and towns, as well as subsidiaries and representative offices abroad.
PPF Investments is a Jersey-based international group engaged in private capital management.