OREANDA-NEWS. On 25 July 2008 was announced, that the Soviet District Court of Makhachkala ruled Magomed Sharabutdinovich Beisultanov guilty of taking advantage of his management position with Ingosstrakh Insurance Company to derive profit and benefits for other persons contrary to the company’s legitimate interests.

It was established that from November’ 9, 2004 Mr. Beisultanov served as the director of Makhachkala branch of Ingosstrakh and as the company’s executive concluded insurance contracts and issued policies to poultry factories dated August’ 23, 2005. After the poultry stock extinction in March’ 2006 caused by an infectious disease Mr. Beisultanov entered into and executed addenda to the earlier concluded poultry contracts for the benefit of third parties in breach of Ingosstrakh management instructions prohibiting to conclude any agricultural risk insurance contracts, whereby he acted in excess of powers granted him under Power of Attorney No. 81054-/05. By signing the foregoing backdated addenda he entered major changes related to insurance objects in the earlier concluded insurance contracts, which caused losses for Ingosstrakh in the amount of RUB 17 033 685 000.

The Court ruled Mr. Beisultanov guilty of crime as per art. 201 of part 2 of the RF Criminal Code and sentenced him to two years of conditional imprisonment with a probation year. The court also claimed the full amount of inflicted damage RUB 17 033 685 000 on behalf of Ingosstrakh Insurance Company.

The criminal actions were established due to Ingosstrakh’s security service that implements preventive measures in the head office and regional branches on a regular basis aimed at aversion and restraint of insurance fraud and protection of interests of the company’s clients and partners.