Rosgosstrakh CEO Daniil Khachaturov has not managed to keep the company’s Far Eastern assets from seizure.
Photo: Alexander Miridonov
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Bailiffs Seize Property at Rosgosstrakh’s Subsidiary
Russian bailiffs have seized office property at Rosgosstrakh’s Far East unit, officials reported Tuesday. The insurance firm has been declining to pay $653,000 to Panamanian-flagged Sun Marine Lines on the wreck of a steamboat, according to bailiffs. This is the first property seizure at an insurance company in Russia.
Bailiffs have seized property of Rosgosstrakh Dalny Vostok following a court decision to recover $653,200 from the company to satisfy Sun Marine Lines’s claim, the Federal Bailiff Service told Kommersant Tuesday. The bailiffs seized office property worth 77,000 rubles. The insurance company is set to appeal the verdict.
In June 2003, Rosgosstrakh Dalny Vostok, one of Rosgosstrakh’s seven regional subsidiaries, and Sun Marine Lines signed a contract to insure the Martinica steamboat which sank in the Gulf of Mexico three months later. Rosgosstrakh Dalny Vostok refused to pay for the damage, saying the ship was not permitted to sail due to poor technical conditions. The company referred to the vessel’s age and flagrant carelessness of the crew. Sun Marine Lines, however, insists that the Martinica sank after it was caught into a heavy gale.
Sun Marine Lines went to court, securing a favorable decision in December 2005. This May, the company’s second appeal was satisfied.
Property is normally seized when the debtor is likely to go into hiding. Those in the market consider the measure, the first one of this kind in Russian insurance, too strict.
www.kommersant.com
All the Article in Russian as of June 27, 2007
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