MOSCOW, April 27 - RAPSI. The Moscow District Federal Commercial Court has accepted the Ingosstrakh insurance company's appeal against the decision to recover $1.5 million in indemnities for TNK-BP.
The insurer has also requested to suspend the enforcement of the lower court's decision.
The Ninth Commercial Court of Appeals satisfied the oil giant's claims on the indemnities collection and overruled the trial court's adverse judgment in March.
The lawsuit was initially filed by Irkol, but later it requested subrogation for its successor TNK-BP under an assignment agreement.
Irkol insured its liability as a stock market professional with Ingosstrakh on December 23, 2009.
On May 25, Ingosstrakh received recourse from Orenburgneft, a TNK-BP subsidiary, for 140.6 million rubles ($4.8 million) in damages as compensation for losses inflicted by Irkols undue performance in maintaining the stockholder registry.
Irkol failed to properly execute its obligations, which resulted in 135,000 preferred shares being withdrawn from an Orenburgneft shareholder's account under false documents.
The company sued the insurer in the Moscow Commercial Court, as the insurer refused to pay the $1.5 million in indemnities.