OREANDA-NEWS. July 20, 2011. The Moscow City Arbitration Court (a court of primary jurisdiction) invalidated the decision of the Board of Directors of Ingosstrakh Insurance Company dated March 9th, 2011 on approval of the existing terms of labour contract with the general director.

The press service of Ingosstrakh Insurance Company hereby informs that the issue of powers of the General Director of Ingosstrakh Insurance Company was not the subject of court proceedings, therefore the powers of A.V. Grigiryev, General Director of Ingosstrakh Insurance Company, weren’t contested.

The labour contract concluded with A.V. Grigoryev, General Director of Ingosstrakh Insurance Company isn’t contested in the court and remains valid.

The said ruling of the Arbitration Court creates no legal consequences with regard to powers of the General Director as it has nothing to do with the General Director’s election as well as validity of the labour contract concluded.

The ruling of Arbitration Court hasn’t come into effect and will be appealed against by Ingosstrakh Insurance Company in a manner prescribed by the law.

In addition one more decision of the Moscow City Arbitration Court was passed today concerning Vega LLC, New Capital LLC and Investment Initiative LLC who were dismissed a claim as to provision of labour contract with the general director.