MOSCOW, October 3 - RAPSI, Alyona Yegorova. A commercial court of appeals has confirmed the invalidity of an insurance board's decision regarding an employment contract with its general director, the Russian Legal Information Agency (RAPSI) was told by minority shareholders.

The Moscow Commercial Court upheld on July 14 a lawsuit filed against the Ingosstrakh insurance company by its minority shareholders (Vega Ltd., New Capital Ltd. and Investment Initiative Ltd., which is controlled by the Czech PPF Investments, owning a 38-percent stake in Ingosstrakh) and two board members Darya Vetrova and Irina Garina.

According to an earlier PPFI report, "the reason the boards decision has been contested is that board members, including those representing the minority shareholders, had no materials related to the employment contract in question." The decision was completely unfounded, the report stated.

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.