OREANDA-NEWS. August 23, 2012. The Board of Directors of Ingosstrakh Insurance Company announces the two decisions of the Court of Arbitration of Moscow City to refuse to satisfy the suits of PPF Investments that contest the decisions of the Annual General Meeting of Shareholders concerning Board of Directors election and the obligation to include the candidates on the part of PPFI in the voting list to be elected as members of Ingosstrakh Insurance Company’s Board of Directors.

The legal position of Ingosstrakh Insurance Company is based on absence of violations in the course of the meeting of shareholders that was held, when the voting on this matter took place, as all the participating shareholders had a possibility to vote and their votes were taken into account when the conclusions were made. When the Annual General Meeting of Shareholders took place, there were no objections regarding the procedure of its holding or drawing up conclusions, including on the part of supervisors from FFMS of Russia.

Thus, PPFI sustained another failure in its attempts to dispute the decision of the Company’s Board of Directors. The Board of Directors of Ingosstrakh Insurance Company welcomes the decisions of the Court of Arbitration of Moscow City, which became additional evidence of inadequacy and invalidity of the lawsuits regularly used by PPFI during the past six years exclusively for the purposes of green mail, aimed at destabilization of work of Ingosstrakh Insurance Company’s management authorities.

The Board of Directors of Ingosstrakh Insurance Company expresses its concern about the position of Czech shareholders whose activity is confined to constant filing of different lawsuits and organization of a PR campaign in the mass media to damage the business reputation of Ingosstrakh Insurance Company. The company intends to further use all available legal methods of protection against such actions on the part of PPFI.