OREANDA-NEWS. On 17 March 2009 was announced, that Far East Telecom has chosen a financial institution for the execution of directors and officials liability insurance contract.

OJSC Far East Telecom's Board of Directors decided to execute D&O liability insurance contract with OJSC SOGAZ. The contract offers insurance coverage for OJSC Far East Telecom directors and officials property interests in respect of claims made as a result of accidentally wrong actions/omissions of the company's managers. Moreover, the contract provides for the reimbursement of legal and any other fees, which OJSC Far East Telecom may incur subsequently to the said claims.

The total insurance sum is USD 10 mln.

Competitive tender for the selection of financial institution was held in December 2008. The tender was participated by four organizations. The tender board decided SOGAZ insurance Group to be the winner. Contract with the Insurer will be made in the nearest future.