Wednesday, August 21 2019 11:03
Alexandr Avanesov

A court in Moscow refused to return to Rosgosstrakh its former  Armenian "daughter"

A court in Moscow refused to return to Rosgosstrakh its former  Armenian "daughter"

ArmInfo.The Tenth Arbitration Court of Appeal, following the lower court, denied the  lawsuit by Rosgosstrakh, which demanded to recognize as invalid the  sale of 100% of the shares of Rosgosstrakh-Armenia, a subsidiary of  the Cypriot company Cimarex Management by the former management,  ''Prime'' reports.

As follows from the information in the file of arbitration cases, the  court of appeal yesterday rejected the appeal of Rosgosstrakh against  the decision of the Moscow Region arbitration court in March, after  which it entered into legal force. In its lawsuit, Rosgosstrakh asked  to invalidate the share sale agreement of May 2, 2017 and apply the  consequences of the invalidity of the transaction, requiring Cimarex  Management to return to Rosgosstrakh its former Armenian subsidiary.  The trial court found that the Russian insurance company sold 100% of  the shares of RGS-Armenia for 480 million rubles. According to the  plaintiff, the contract was concluded by its former CEO Dmitry  Markarov with abuse of authority, without the approval of the board  of directors, and caused significant damage to Rosgosstrakh. The  plaintiff estimated his losses from the transaction at 242 million  rubles. The defendant did not recognize the claim. As his  representative stated in court, the transaction for the sale of  shares of RGS-Armenia took place as part of ordinary business, as it  was concluded at the same time as other transactions for the  alienation of the subsidiary controlled by the plaintiff and did not  require approval. The trial court also agreed with the defendant's  arguments that the transaction did not cause plaintiff damage, and  that the plaintiff missed the statute of limitations. In a parallel  process in which Rosgosstrakh demands to recover 1.3 billion rubles  from Markarov for losses incurred by the sale of an Armenian  subsidiary, the plaintiff's representative claimed that the former  beneficiary of Rosgosstrakh Danil Khachaturov became the ultimate  beneficiary of the transaction. According to him, Khachaturov is  hiding behind an offshore that has bought shares, and currently heads  the board of directors of RGS-Armenia. In that case, the courts of  two instances also dismissed the claim of Rosgosstrakh. Rosgosstrakh,  one of the largest insurers in the Russian Federation, is part of  ''Otkritie'' FC Bank Group. Otkritie Group and the former main owner  of Rosgosstrakh Khachaturov in 2017 entered into an agreement on the  division of the insurance business. Subsequently, control of Otkrytie  and Rosgosstrakh passed to the state. Currently, Rosgosstrakh and its  subsidiaries are conducting a series of legal proceedings for claims  for damages with structures of former leaders. 

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