OREANDA-NEWS. May 30, 2012. The Presidium of Supreme Arbitration Court of the Russian Federation announced the operative part of the decree on the case No. A40-43149/11-121-290, which refused to satisfy the declaration of Ingosstrakh Insurance Company to contest the decree of Federal Financial Markets Service (FFMS) of Russia dated April 12, 2011 No. 11-70/pn, related to bringing of Ingosstrakh Insurance Company to the administrative responsibility for failure to provide a copy of the existing labor agreement (contract), concluded with the company’s General Director, by the insurer upon demand of New Capital LLC, Investment Initiative LLC and Vega LLC.

The legal proceedings touched upon the legal character of Ingosstrakh Insurance Company’s actions when it was addressed by minority shareholders with a demand to get a copy of the labor agreement with the General Director. The General Director’s authority to manage the company’s operational activities was not contested by minority shareholders.

Whereupon, the minority shareholders and their representatives deliberately concealed the fact that this information was presented to them in the form of an abstract about substantial conditions of the labor agreement long before the court decision.

Thus, further efforts of the minority shareholders, aimed at the progress of the case related to contesting of FFMS administrative decisions, aimed exclusively at the attraction of mass media attention but not at getting the information they need.

Earlier, Ingosstrakh Insurance Company had won all the legal proceedings in the case, but the Supreme Arbitration Court decided that it was the violation of consistent application of law by courts and cancelled the judicial acts issued by courts a quo.

The latest comments of PPFI representatives related to the decision to submit the contract of Ingosstrakh Insurance Company’s General Director clearly show the real intentions of minority shareholders. The assumptions about the presence of some doubtable rights and conditions related to protection of one shareholder’s interests to the injury of others, unthinkable bonuses, requirements to carry out operations by the General Director for the benefit of one of the shareholders in the contract of Ingosstrakh Insurance Company’s General Director mean that the minority shareholders continue with the policy of green mail and smear campaign, deliberate impeachment of the company’s management and deliberate use of imperfection of laws for their purposes. Whereupon, the true intentions of minority shareholders are eloquently displayed by the fact of final transfer of Ingosstrakh Insurance Company’s customers to the insurance companies affiliated with PPFI. It refutes any statements of minority shareholders about their interest in the development of Ingosstrakh Insurance Company as in 5 years they did not bring a single customer there!

The real intentions and methods of the minority shareholders’ activity, as well as the advocacy of honest business principles and the western standards of making business they declare, are well illustrated by the criminal case related to 15-million-dollars fraud, instituted on the basis of the minority shareholders’ petition submitted to law enforcement agencies (“The money of PPFI is no longer the subject of immunity agreement”, Kommersant newspaper wrote on May 21, 2012). Judging by this and earlier messages, the subject behind this is the attempt to bribe the high-rank Russian officials on behalf of some persons, made in autumn of 2007 in order to settle the conflict around the stock of shares of Ingosstrakh Insurance Company. The public also learns new and new details, including who are the real partners and representatives of PPFI to solve different matters. A part of them are the criminal case participants in the role of suspects. It looks especially piquant at the background of constant declarations of PPFI representatives and their attorneys about their adherence to the principles of observation of laws in the Russian Federation. Another question is the amount of PPFI campaign budget spent on mass media to constantly excite the interest of the public for their “problems”.

The decree of the Presidium of Supreme Arbitration Court of the Russian Federation does not touch upon the legitimacy of appointment of Ingosstrakh Insurance Company’s General Director, validity of his authorities and compliance of the concluded company agreements and approved insurer’s local acts with the law.