Ingosstrakh responds to PPF alleged fraud developments
Mikhail Volkov, deputy chairman of the board of directors at OJSC Ingosstrakh has responded in a statement to the ongoing PPF fraud case.
He said: "Judging from reports, PPFI representatives' attempted to bribe highly placed Russian officials in the autumn of 2007 in order to resolve the conflict over a block of shares in Ingosstrakh may have been at issue."
He added: "Such actions would be outside the legal framework and the ethics and standards of corporate governance. They are all the more surprising against the backdrop of totally ungrounded accusations and reproaches by members of the OJSC Ingosstrakh board of directors representing PPFI and leveled at other shareholders and the insurance company's management for allegedly violating corporate governance standards.
"As a result, requests have been sent to the PPFI representatives on the OJSC Ingosstrakh board of directors to clarify the situation described in Kommersant. An approach to the oversight and regulatory bodies regarding indications that PPFI's actions violated acting Russian civil and criminal law is also being considered."
Ingosstrakh provides insurance and reinsurance products. It offers motor insurance, property insurance, and medical insurance products. The company was founded in 1947 and is based in Moscow, Russia.
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