RUSSIAN Russian insurance company to pay Samsung USD 11.4 million

The Supreme Court of Russia has upheld lower courts' rulings ordering Allianz insurance company to pay 751.5 million rubles (USD 11.4 million) in compensation to Samsung Electronics Rus Company, according to court records.

The subject matter of insurance is property interests of Samsung connected with default of payment by the company's counterparties of debt for goods delivered to them on deferred payment terms, court papers read. The agreement has been concluded in respect of eight plaintiff's contract partners. One of the partners, Trial-Trade company didn't make any payments for appropriate amount of time, constituting the insurance event. The insurance event is a long-term payment default by the plaintiff's counterparty defined in the contract. Read the full story

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