Bloomberg News

PPFI Files Lawsuit Challenging Board Hires at Deripaska Insurer

May 11, 2012

PPF Investments filed a lawsuit challenging the appointment of directors on the board of Ingosstrakh, an insurer 38.5 percent held by the private-equity group and controlled by Russian billionaire Oleg Deripaska.

It filed the suit in the Moscow court of arbitration after an Ingosstrakh shareholder meeting yesterday elected all nine nominees for the board put forward by Deripaska’s Basic Element holding company, while a PPFI candidate list was “ignored,” the private-equity company said in an e-mailed statement.

The firm, which has investors from the Czech Republic and Italy, also said it was prevented from voting on “multibillion ruble deals” between Ingosstrakh and affiliated groups.

“We are deeply concerned with the position of Czech shareholders, which is reflected in filing endless and groundless lawsuits against Ingosstrakh,” Mikhail Volkov, a board member at the insurer representing Basic Element, said in an e-mailed reply to questions from Bloomberg News.

PPFI has been locked in a battle with Deripaska for influence over Ingosstrakh since the firm bought a stake in 2007. The company has held talks to sell its holding to Russia’s state-run VTB Group, Vedomosti reported in March.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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