OREANDA-NEWS. On 01 July 2009 was announced, that the Novaya Gazeta newspaper  (№ 66 (1480) as of 24.06.2009) published an  article by Egor Lysenko “Deripaska got himself a job” that contained  false information damaging the business reputation of Ingosstrakh IJSC. The article alleges that Ingosstrakh  provides financial support to one of the companies related to the majority shareholder and violates the Law on Joint Stock Companies.

The facts given by the journalist are contrary to the reality.

In particular, the article speaks about an investment deal of Ingosstrakh IJSC to purchase non-residential building at Volokolamskoe shosse 1, bld. 1 that was not closed because the seller failed to fulfill the contract.  This is an ordinary transaction within the ordinary course of business of the Company, and the actions taken in compliance with terms and conditions thereof can by no means substantiate the conclusion of the author that Ingosstrakh IJSC provided its assets to the majority shareholder.   The insurance reserves of Ingosstrakh IJSC are placed only in the interests of the clients in strict compliance with the current legislation of Russia. Besides, the article contains false information that the advance payment for this deal was returned to the company two months later. 

Approval of the future related-party transactions was given pursuant to paragraph 6 article 83 of the Law on Joint Stock Companies.

We believe that any allegations about violations of current legislation by Ingosstrakh IJSC are unjustified and damage the Company’s business reputation. 

Ingosstrakh IJSC demands that the newspaper should publish a refutation in the next issue of Novaya Gazeta in compliance with the Law on Mass Media.

Shall this demand be rejected, the Company will file a law suit to protect its business reputation.