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Ingosstrakh Minority Shareholders Object
The conflict between Ingosstrakh insurance company shareholders affiliated with Oleg Deripaska and the Czech company PPF Investments has taken on political overtones. The Czech Embassy in Russia is preparing to contact the Federal Financial Markets Service about the possible dilution of the foreign shareholder's package and Czech diplomats are talking about “informal possibilities” that Ingosstrakh will be discussed when Russian Deputy Prime Minister meets with Czech Prime Minister Mirek Topolanek in Prague next week.
Three companies that own Ingosstrakh stock in the interests of PPF, Vega, Novy Kapital and Investitsionnaya Initsiativa, have already complained to the Federal Financial Markets Service after it was decided at an October 8 Ingosstrakh shareholders meeting to issue additional stock to effect a four-time increase of the company's authorized capital to 10 billion rubles. The company had denied plans to increase its authorized capital until the shareholders meeting was held. It was at that time that PPF acknowledged itself as the owner of 38.46 percent of the stock in the company. he three companies representing PPF also filed suit in the Moscow Arbitration Court on October 5.
A source at Deripaska's Basic Element group commented that PPF's “absence at the meeting does not mean it is prohibited from buying stock in proportion to its share. It shows unwillingness to spend the money on the stock issue.” It would cost PPF about $100 million to preserve its share in the Russian insurance company. A PPF spokesman said that that company would take part in the stock issue if it were shown to be commercially justified and it were conducted transparently.
www.kommersant.com
All the Article in Russian as of Oct. 22, 2007
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