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Sunday, December 18, 2005

Sibneft Let VSK Out of Court

It will try to collect the losses from the registrar
12-16-2005 Kommersant - Yesterday, in Moscow Arbitrage Court Sibneft announced that it would demand about 11 million rubles for wrongly written off shares from the registrar. Sibneft refuse to sue insurance company, which insured registrar’s professional liability. In compliance with a ruling of Supreme Arbitrage Court Sibneft paid to its shareholder 11 million rubles. The shareholder had suffered a loss from 143,000 shares, which were written off by registrar because of forged power of attorney. After that, Sibneft demanded through the Arbitrage Court from registrar R.O.S.T. and Insurance House VSK, which insured professional liability of the registrar, to compensate the oil company losses. However, because the law does not consider collective responsibility, the court asked Sibneft to separate its demands to each individual defendant. During the yesterday court hearings representatives of Sibneft decided to drop the case against Insurance House VSK. Now, the court would be examining arguments only between Sibneft and the registrar. "In our view, the case against the registrar is justified. For that reason we are satisfied with today's court results," The press service of Insurance House VSK told Kommersant. “The situation is quite simple," Oleg Zhiznenko, General Director of R.O.S.T., explained. "Most likely, the court will satisfy Sibneft's demand. We will pay out according to the court’s ruling. But after that, we will ask the insurance company to cover our expenses. Because our agreement with VSK includes insurance coverage for the risk of writing off stocks due to the forged power of attorney, we hope that the insurer will pay us out of court."

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