OREANDA-NEWS. February 22, 2012. With regards to the press release issued by PPF Investments on February 15, 2012, ”The court invalidated the employment contract with Director General of Ingosstrakh Insurance Company A. Grigoriev," the Press Service of Ingosstrakh Insurance Company informs the following: The appointment of Director General of Ingosstrakh Insurance Company A. Grigoriev accomplished on March 9, 2011  was not disputed in court by any of the shareholders.

The resolution of the Federal Arbitration Court of Moscow District on invalidation of the decision of the Board of Directors dated March 9, 2011 is related to the assertion of the essential conditions of the employment contract with Director General.

This issue was reconsidered by the Board of Directors on September 27, 2011. The decision of the Board of Directors is still valid and has not been cancelled by the Court.