MOSCOW, August 15 - RAPSI. The Moscow Commercial Court has postponed until August 22 a lawsuit filed by Ingosstrakh minority shareholders to invalidate a board decision made on May 28, 2010.

Ingosstrakh minority shareholders Vega, Novy Kapital (New Capital) and Investitsionnaya Initsiativa (Investment Initiative), as well as two private shareholders, submitted the lawsuit to the Moscow Commercial Court. Vega, New Capital and Investment Initiative are controlled by PPF Investments, which owns a 38 percent stake in Ingosstrakh.

The minority shareholders are dissatisfied with the board's decision to approve party-related transactions. The plaintiffs believe that Ingosstrakh shareholders, which own an aggregate 60 percent stake in the company, are affiliated with Oleg Deripaska's Basic Element, and thus should not have voted on transactions concerning other firms affiliated with the holding.

Ingosstrakh has refuted the arguments, stating that there is no evidence of any affiliation.

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, and subsidiaries and representative offices abroad. Its authorized capital is 2.5 billion rubles.

The Jersey-based PPF Investments holds a 38.46 percent stake in the company. The majority of the shareholders are companies affiliated with Basic Element.