In the Russian market is the largest paid indemnity in case of theft of the securities. Registrar "Irkol", who was register of shareholders "Orenburgneft" and admitted the theft of shares on forged documents, insured his liability "Ingosstrakh", who paid the receptionist $ 1.5 million
The fact that "Ingosstrakh" has paid $ 1.5 million as reimbursement for professional liability insurance registrar - a securities market, said yesterday he insurer. This is the largest insurance compensation in the history of this type of insurance in Russia. "The loss came from the registrar due to unlawful acts of third parties to write-off of shares on forged documents from the account of the shareholder in the register of securities holders," - said in a statement of "Ingosstrakh". They also stated that the earlier court decision issuer to compensate losses caused to shareholders subsequently filed with the registrar to recover.
The name of the registrar, who "Ingosstrakh" claims, the company did not disclose. However, according to "b", we are talking about the registrar "Irkol", which concluded with "Ingosstrakh" contract of liability insurance. In the basis of decisions of the Supreme Arbitration Court is the determination of Moscow Arbitration Court at the suit of "Irkol" to "Ingosstrakh" on the appointment of the case for trial on December 14. The definition states that it comes with a collection of "Ingosstrakh" $ 3 million (82.6 million rubles.) Indemnity under the policy on December 23, 2009. Details of the claim in determining not, but it says that "Ingosstrakh" "with the request does not agree in part" because "the insured event has occurred under the previous insurance policy, limit the payment of which is limited to $ 1.5 million." General Director of the registrar "Irkol" Vladislav Moskalchuk confirmed "Kommersant" that "Ingosstrakh" paid registrar $ 1.5 million in "Ingosstrakh" yesterday declined to comment.
Third party in the company "Orenburgneft." "This case deals with fraud in shares of this company," - said the source "b", which is close to one side of the proceedings. In the basis of decisions of the Supreme Arbitration Court is ruling the Federal Arbitration Court of the Ural region, which considered the appeal "Orenburgneft" on lower courts decision. According to their solutions, the company was to pay his former shareholder of 140.6 million rubles. In such an amount estimated damage from the theft of shares on behalf of a forged in December 2004. "Apparently," Irkol "agreed to receive half of the claim. This means that either the registrar refuses the claim, or at the upcoming hearing will be confirmed an amicable agreement," - said the source "b", close to one of the parties. Mr. Moskalchuk told "Kommersant" that the parties are now negotiating process.
Photo: Oleg Harseev, Kommersant
Theft of stock with forged documents - a fairly common practice in Russia. One of the most high-profile cases recently, is stealing from the register of 0.6% shares of "Silvinit" worth 1.3 billion rubles. Belonging to the director general of the International Potash Company, Anatoly Lomakin. He filed a lawsuit against the Registrar "Computershare" and successor "Silvinit" Company "Uralkali." Third person in the stands as "Ingosstrakh" insured risks "Computershare." The case is now considered by arbitration Perm. Previously, the courts also dealt with cases of theft of shares of "Gazprom", Sberbank, "Sibneft" and other companies.
According to the law "On Joint Stock Companies" responsible for the theft of shares of the issuer, joint and several liability is also provided for the registrar. The latter are often hedge these risks. However, registrants receive the indemnity can not always. "The cases when the insurer pays the registrar of the indemnity after the theft of shares quite a bit" - says CEO Registrar ROST Oleg Zhiznenko. He explains that the reason is just that under the law of "first loss the shareholder pays the issuer itself, and then later he goes to the registrar." "We are talking about contractual liability, for which reimbursement may be obtained without a problem only if the insurance is mandatory. In this case, insurance is not compulsory, and insurers will use this opportunity" - sums up Mr. Zhiznenko.
The fact that "Ingosstrakh" has paid $ 1.5 million as reimbursement for professional liability insurance registrar - a securities market, said yesterday he insurer. This is the largest insurance compensation in the history of this type of insurance in Russia. "The loss came from the registrar due to unlawful acts of third parties to write-off of shares on forged documents from the account of the shareholder in the register of securities holders," - said in a statement of "Ingosstrakh". They also stated that the earlier court decision issuer to compensate losses caused to shareholders subsequently filed with the registrar to recover.
The name of the registrar, who "Ingosstrakh" claims, the company did not disclose. However, according to "b", we are talking about the registrar "Irkol", which concluded with "Ingosstrakh" contract of liability insurance. In the basis of decisions of the Supreme Arbitration Court is the determination of Moscow Arbitration Court at the suit of "Irkol" to "Ingosstrakh" on the appointment of the case for trial on December 14. The definition states that it comes with a collection of "Ingosstrakh" $ 3 million (82.6 million rubles.) Indemnity under the policy on December 23, 2009. Details of the claim in determining not, but it says that "Ingosstrakh" "with the request does not agree in part" because "the insured event has occurred under the previous insurance policy, limit the payment of which is limited to $ 1.5 million." General Director of the registrar "Irkol" Vladislav Moskalchuk confirmed "Kommersant" that "Ingosstrakh" paid registrar $ 1.5 million in "Ingosstrakh" yesterday declined to comment.
Third party in the company "Orenburgneft." "This case deals with fraud in shares of this company," - said the source "b", which is close to one side of the proceedings. In the basis of decisions of the Supreme Arbitration Court is ruling the Federal Arbitration Court of the Ural region, which considered the appeal "Orenburgneft" on lower courts decision. According to their solutions, the company was to pay his former shareholder of 140.6 million rubles. In such an amount estimated damage from the theft of shares on behalf of a forged in December 2004. "Apparently," Irkol "agreed to receive half of the claim. This means that either the registrar refuses the claim, or at the upcoming hearing will be confirmed an amicable agreement," - said the source "b", close to one of the parties. Mr. Moskalchuk told "Kommersant" that the parties are now negotiating process.
Photo: Oleg Harseev, Kommersant
Theft of stock with forged documents - a fairly common practice in Russia. One of the most high-profile cases recently, is stealing from the register of 0.6% shares of "Silvinit" worth 1.3 billion rubles. Belonging to the director general of the International Potash Company, Anatoly Lomakin. He filed a lawsuit against the Registrar "Computershare" and successor "Silvinit" Company "Uralkali." Third person in the stands as "Ingosstrakh" insured risks "Computershare." The case is now considered by arbitration Perm. Previously, the courts also dealt with cases of theft of shares of "Gazprom", Sberbank, "Sibneft" and other companies.
According to the law "On Joint Stock Companies" responsible for the theft of shares of the issuer, joint and several liability is also provided for the registrar. The latter are often hedge these risks. However, registrants receive the indemnity can not always. "The cases when the insurer pays the registrar of the indemnity after the theft of shares quite a bit" - says CEO Registrar ROST Oleg Zhiznenko. He explains that the reason is just that under the law of "first loss the shareholder pays the issuer itself, and then later he goes to the registrar." "We are talking about contractual liability, for which reimbursement may be obtained without a problem only if the insurance is mandatory. In this case, insurance is not compulsory, and insurers will use this opportunity" - sums up Mr. Zhiznenko.
Hi,
ReplyDeleteA company that chooses not to purchase E&O coverage is taking a serious financial risk. These types of losses are not covered under a general liability policy, and even if you aren’t at fault, litigation is both time-consuming and expensive. As with any insurance, the best time to buy an E&O policy is before the risk is taken. Customers will also feel secure knowing that if an error occurs, they will be compensated
professional liability insurance