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Dismissal of ТNК-ВР's $1.5 mln lawsuit against largest insurer not to be reviewed

16:35 28/09/2012

MOSCOW, September 28 - RAPSI. The Supreme Commercial Court has rejected the TNK-BP Holding's application to review under supervisory procedure the dismissal of its lawsuit to recover $1.5 million from Ingosstrakh, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.

In December 2011, the Moscow Commercial Court dismissed TNK-BP's lawsuit to recover the insurance indemnity.

In May, the Moscow District Federal Commercial Court overturned the court's ruling granting TNK-BP's recovery of $1.5 million in insurance indemnity. In upholding the first instance court's decision to deny the oil company's lawsuit, the high court thus granted Ingosstrakh's appeal. Later, TNK-BP submitted an appeal for a supervisory review of the case. The lawsuit was initially filed by Irkol, a Moscow-based entity that maintains an online register for companies. It later requested subrogation for its successor TNK-BP under an assignment agreement.

Irkol insured its liability as a stock market professional with Ingosstrakh on December 23, 2009.

On May 25, Ingosstrakh received recourse from the TNK-BP subsidiary Orenburgneft for 140.6 million rubles ($4.43 million) in damages as compensation for losses inflicted as a result of Irkol's undue performance in maintaining the stockholder registry.

Irkol failed to properly execute its obligations, which resulted in 135,000 preferred shares being withdrawn from an Orenburgneft shareholder's account using false documents.

Ingosstrakh found this to be an insurance case, but Irkol replied that an agreement signed in 2005 setting the payment limit at $1.5 million should be applied. The limit has been paid.

Ingosstrakh stated that the contract regulates legal relations as opposed to a December 23, 2009 agreement under which the payment limit amounts to $3 million.

As the insurance company refused to pay the $1.5 million, a lawsuit was submitted to the Moscow Commercial Court.
Ingosstrakh is a leading Russian insurance company that has been operating on the international and domestic markets since 1947. The company has offices in 220 Russian cities and towns, and subsidiaries and representative offices abroad. Its charter capital is 2.5 billion rubles.

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Dismissal of ТNК-ВР's $1.5 mln lawsuit against largest insurer not to be reviewed

16:35 28/09/2012 The Supreme Commercial Court has rejected the TNK-BP Holding's application to review under supervisory procedure the dismissal of its lawsuit to recover $1.5 million from Ingosstrakh.
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