OREANDA-NEWS. July 29, 2011. On July 20, 2011, the Ninth Arbitration Court of Appeal considered the appeal of the minority shareholders of Ingosstrakh Insurance Company for the annulment of the decision of the first instance court invalidating the decree of the Federal Financial Markets Service to impose a penalty on the insurance company in the amount of 500,000 rubles for non-provision of the employment contract with the general director.

The court of appeal, as well as the court of first instance, agreed with the company's arguments on the illegality of the minorities' requirements. Thus, the imposition of the penalty on the insurance company is rendered illegal by the decision of the appeal instance.

Simultaneously, the arbitration court of first instance considered the claim of Ingosstrakh Insurance Company for appealing the order of the Federal Financial Markets Service to provide a contract with the general director to the minority shareholders.

As in previous litigations, the arguments of PPF on the alleged infringements of the minority shareholders’ rights had no evidence in the court records. So, the court satisfied the claim of Ingosstrakh Insurance Company. 

The decisions of the Ninth Arbitration Court of Appeal and Moscow Arbitration Court prove once again the legality and the rightness of Ingosstrakh Insurance Company.