MOSCOW, September 5 (RAPSI, Natalia Belova) – The Ninth Commercial Court of Appeals has collected 751.5 million rubles ($11.4 million) from Allianz insurance company in favor of Samsung Electronics Rus Company, according to court records.
The court ordered the insurer to pay out 697.1 million rubles ($10.6 million) of insurance compensation and interest amounted to 54.4 million rubles ($826,000).
Thus, the court reversed the Moscow Commercial Court’s ruling to dismiss a lawsuit lodged by Samsung. While also the court dismissed a counterclaim by Allianz seeking annulment of provisions of the contract concluded between parties in 2013.
According to court records, the subject matter of insurance is property interests of Samsung connected with default of payment by the company’s counterparties of debt for goods delivered to them on deferred payment terms. The agreement has been concluded in respect of eight plaintiff’s contract partners. The insurance event is a long-term payment default by the plaintiff’s counterparty defined in the contract.