The corporate war between the shareholders of the Russian insurance company Ingosstrakh is flaring up with renewed vigor . Yesterday, the owner of 38.5% of the insurer's shares, PPF Investments, announced that it rejects the accusations made in the media by the majority shareholder of Ingosstrakh, the Basic Element holding. Allegedly, PPF Investments illegally acquired shares of an insurance company owned by the companies Investment Initiative, Vega and New Capital. Chairman of the Board of PPF Investments Tomasz Brzobogaty said: “We did not violate any laws, such statements are false. These assets were acquired in accordance with Russian legislation. In particular, this is evidenced by the approval of the transaction received from the FAS. Repeatedly, verbally and in writing, the selling party - Alexander Mamut - assured us that there were no agreements between the shareholders that would prevent the sale of Ingosstrakh shares to the PPF Investments group. We negotiated with the majority shareholder Ingosstrakh (“Basic Element.” - Ed. ) before the conclusion of the transaction and after it. The Basic Element company never provided us with any agreements on the pre-emptive right to purchase shares and did not even mention them. If such agreements existed, we turn to Basic Element - let them present them.” PPF Investments believes that Basic Element is thus trying to divert attention from the convening of an extraordinary meeting of Ingosstrakh shareholders. As is known, after this meeting the PPF share decreased to 10%. "TIME FOR NEWS"
