MOSCOW, September 27 - RAPSI. The Moscow Commercial Court has impleaded Oleg Deripaska as a third party in a claim filed by Ingosstrakh minority shareholders to invalidate the decision of the annual shareholders' meeting of May 28, 2010 on the approval of interested party transactions, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) Wednesday.
Since a new party has been involved in the case, the consideration of the lawsuit has been postponed until November 15.
Due to its complexity, the case is being heard by a panel of three judges.
Ingosstrakh minority shareholders Vega, Novy Kapital (New Capital) and Investitsionnaya Initsiativa (Investment Initiative), as well as two private shareholders, filed 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 related - party transactions. The plaintiffs believe that Ingosstrakh shareholders, who own an aggregate 60 percent stake in the company, are affiliated with 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 affiliation.
Shareholders of Ingosstrakh, Basic Element, Granit, Bekar-Service and Soft-Karat are involved as third parties to the dispute, as is the Federal Antimonopoly Service.
The commercial court dismissed the first such lawsuit in February 2011.
Ingosstrakh is a leading Russian insurance company which has been 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 (80 million dollars).
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.