MOSCOW, April 18 (RAPSI) – The Supreme Court of Russia has upheld lower courts’ rulings ordering Allianz insurance company to pay 751.5 million rubles ($11.4 million) in compensation to Samsung Electronics Rus Company, 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, court papers read. The agreement has been concluded in respect of eight plaintiff’s contract partners. One of the partners, Trial-Trade company didn’t make any payments for appropriate amount of time, constituting the insurance event. The insurance event is a long-term payment default by the plaintiff’s counterparty defined in the contract.
On December 1, 2014, Trial-Trade stopped paying its bills. A court ruled to recover debt from the company prompting Samsung Electronics Rus to ask Allianz to pay insurance. In August 2014, Samsung Electronics Rus found out that Trial-Trade received unwarranted payments and in August 2015 the defendant refused to pay insurance.
The Moscow Commercial Court has dismissed Samsung’s lawsuit claiming that the plaintiff had hidden Trial-Trade’s misconduct. However, this ruling was later overruled by a court of appeals. On September 1, 2016, the Ninth Commercial Court of Appeals collected from the insurer 697.1 million rubles ($10.6 million) of insurance compensation and interest amounted to 54.4 million rubles ($826,000). While also the court dismissed a counterclaim by Allianz seeking annulment of provisions of the contract concluded between parties in 2013.
In December 2016, the Moscow District Commercial Court upheld the decision of the appeals court.