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.