OREANDA-NEWS. November 22, 2011. On November 15 this year, an examination of action of minority shareholders of Ingosstrakh Insurance Company, controlled by PPF Investments, for invalidation of decisions of annual general meeting of the shareholders on related party transactions, approved by society for the future, was held in the Moscow Arbitration Court. The court refused to sustain the claim of minority shareholders, because they have not proved the violation of their rights and existence of damages.

Over the past three years, this is not the first attempt of the minority shareholders to avoid the decisions of annual general meeting of Ingosstrakh Insurance Company shareholders on related party transactions. As in the previous litigation, PPF case of allegedly committed violations of the minority shareholders’ rights has not been evidenced during the case examination. The purpose of these actions might be the unwillingness to contribute to the company’s development and the desire to damage the goodwill of Ingosstrakh Insurance Company. In addition, the company consistently operates at a profit and annually pays dividends to shareholders.

The decision of Moscow Arbitration Court once again proves the legitimacy of Ingosstrakh Insurance Company, in spite of numerous statements of PPFI, being spread by J. Piskachek.