OREANDA-NEWS. March 15, 2011. Declaration of M. Yu. Volkov, Deputy Chairman of the Board of Directors, Ingosstrakh OIJSC:

I am deeply indignant at the facts exposed in the articles published in the newspaper “Kommersant” - on March 4, 2011 entitled “Investigation evaluated the insurance case” and on March 9, 2011 entitled “A Czech businessman trusted the connections of swindlers”, and also in further numerous publications in the Russian mass media devoted to the same topic. Judging by these communications, we may be talking about an attempt to bribe high-ranking Russian officials on the part of PPFI Company representatives, made in the autumn of 2007 in order to settle a conflict around the portfolio of shares of Ingosstrakh OIJSC, which is outside the legal field, ethics and norms of corporate behavior. Such actions bring even more confusion on the background of numerous accusations and reproaches on the part of the members of the Board of Directors of Ingosstrakh OIJSC, who represent PPFI interests, in respect of other shareholders and the administration of the insurance company for alleged violation of the norms of corporate management.

In this connection, inquiries were sent to PPFI representatives in the Board of Directors of Ingosstrakh OIJSC with a request to explain the situation described in the articles that appeared in “Kommersant”.  Besides, we are considering contacting supervisory and controlling state bodies to determine if the actions of PPFI contain any signs of violation of the existing legal and criminal laws.