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Decision dismissed to recover $1.5mln for TNK-BP Holding from Ingosstrakh

17:40 24/05/2012

MOSCOW, May 24 - RAPSI. The Moscow District Federal Commercial Court has canceled lower court's desicion to recover $1.5 million in insurance indemnity for TNK-BP Holding, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.

The court upheld the first-instance court's decision to deny the oil company's lawsuit and satisfied Ingosstrakh's appeal.

The lawsuit was initially filed by Irkol, a Moscow-based entity which maintains an online register for companies. It later requested subrogation for its successor TNK-BP under an assignment agreement.

Irkol insured its liability as a stock market professional with Ingosstrakh on December 23, 2009.

On May 25, Ingosstrakh received recourse from the TNK-BP subsidiary Orenburgneft for 140.6 million rubles ($4.43 million) in damages as compensation for losses inflicted as a result of Irkol's undue performance in maintaining the stockholder registry.

Irkol failed to properly execute its obligations, which resulted in 135,000 preferred shares being withdrawn from an Orenburgneft shareholder's account using false documents.

Ingosstrakh found this to be an insurance case, but Irkol replied that an agreement signed in 2005 setting the payment limit at $1.5 million should be applied. The limit has been paid.

Ingosstrakh stated that the contract regulates legal relations rather than the December 23, 2009 agreement under which the payment limit amounts to $3 million.
As the insurance company refused to pay the $1.5 million, a lawsuit was submitted to the Moscow Commercial Court.

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Decision dismissed to recover $1.5mln for TNK-BP Holding from Ingosstrakh

17:40 24/05/2012 The Moscow District Federal Commercial Court has canceled lower court's desicion to recover $1.5 million in insurance indemnity for TNK-BP Holding.
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