Court Prevents Ingosstrakh Share Issue

PPF Investments, a Czech private-equity group owned by billionaire Petr Kellner, said late Thursday that it won an appeal from a Russian court preventing insurer Ingosstrakh from selling new shares.

The Supreme Arbitration Court upheld decisions issued by three lower jurisdictions preventing Ingosstrakh's plans to proceed with a capital increase, PFF, which owns a 38.46 percent stake in the insurer, said.

Ingosstrakh is 60 percent owned by Basic Element, the holding company of billionaire Oleg Deripaska.

"Ingosstrakh, in its capacity as the accused party, has exhausted all available remedies" against the earlier verdicts, PPF said in the statement.

Ingosstrakh did not answer a phone call made to the company after hours. An e-mail sent to PPF Investments and a message left on its voice mail were not immediately answered.