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Court overrules current Ingosstrakh board

11:03 08/11/2012

MOSCOW, November 8 - RAPSI. The Moscow Commercial Court invalidated the decision of Ingosstrakh's annual shareholders' meeting on the appointment of the company's board members, Ingosstrakh's statement reads.

On May 10, Ingosstrakh's annual shareholders' meeting elected a new board of directors of 9 people. All board members are representatives of Basic Element, which controls Ingosstrakh, and affiliated entities.

In response, Vega, New Capital and Investment Initiative, Ingosstrakh minority shareholders, and two private shareholders submitted a lawsuit to the Moscow Commercial Court to annul the shareholder's annual meetings appointments. The court of the first instance dismissed the lawsuit in August.

Vega, New Capital and Investment Initiative are controlled by PPF Investments, which owns a 38 percent stake in Ingosstrakh.

In late June, the Federal Service for Financial Markets fined Ingosstrakh and six of its board members, who represented Basic Element.

The service found that the company ignored the list of 25 candidates proposed by the company's shareholders for the vote on appointing the company's board members at Ingosstrakhs annual shareholders' meeting, which is in violation of the law on joint-stock companies.

Ingosstrakh hopes that the shareholders will find a suitable way to resolve the situation as soon as possible.

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. Its authorized capital amounts to 2.5 billion rubles. Jersey-based PPF Investments holds a 38.46 percent stake in the company. The majority of the shareholders are companies affiliated with Basic Element.

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Court overrules current Ingosstrakh board

11:03 08/11/2012 The Moscow Commercial Court invalidated the decision of Ingosstrakh's annual shareholders' meeting on the appointment of the company's board members, Ingosstrakh's statement reads.
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