OREANDA-NEWS. July 09, 2012. On June 21 of the current year,  the Federal Service for Financial Markets (FSFM) announced its decision to impose fines on Ingosstrakh Insurance Company in the amount of 500 000 rubles and on 6 members of the Company’s Board of Directors, 30 000 rubles on each. The fines were imposed in connection with the results of voting on the list of candidates to the insurer’s Board of Directors.

Ingosstrakh Insurance Company emphasizes that its management does not interfere with relations among shareholders and acts in strict accordance with the Russian legislation.

Numerous claims and requirements of minority shareholders to the company’s management have no basis. Ingosstrakh Insurance Company was surprised to perceive the information about imposing a fine on the company in the conditions when we are talking about a conflict of shareholders and possible violations of effective legislation on the part of the representatives of one of them. In this case, punishing the company even in the form of a minimal fine may be regarded as at least disputable. In our opinion, the existing situation results in many ways from imperfect legislation, which actually contains no norms to regulate similar situations.

After receiving an official FSFM permit, Ingosstrakh Insurance Company will consider possible addressing court instances to reconsider the decision, made in respect of the company, by FSFM.