High-profile lawsuit by Ingosstrakh minority shareholders set for January
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MOSCOW, December 3 - RAPSI. The Moscow Commercial Court will hear on January 28, 2013 the lawsuit filed by Ingosstrakh minority shareholders to invalidate a decision issued at the 2011 shareholders meeting to approve interested party transactions.
The decision on the hearing date was made following the preliminary hearings.The minority shareholders controlled by the Czech PPF Investments dispute a decision dated May 27, 2011. They believe the decision violates the law on stock companies and insist that Bekar-Service, Granit, Soft-Karat and Oleg Deripaska's votes should not be considered, as they are affiliated with a single holding with which contracts were approved by the disputed resolution of Ingosstrakh's general shareholders' meeting.
Earlier, the courts dismissed the minority shareholders claims. The dispute then reached the cassation instance. The Moscow District Federal Commercial Court dismissed the previously adopted judicial acts in September and submitted the case for reconsideration.
For three years, PPF Investments has disputed Ingosstrakh's practice for approving interested party transactions with entities controlled by Basic Element and Ingosstrakh.
The minority shareholders believe Basic Element finances the holding's other companies by approving transactions without receiving the consent of Ingosstrakh's minority shareholders, thus violating the law on liability companies. This results in losses for Ingosstrakh shareholders, they claim.