No discernible purpose given.
In a significant development, the Russian OBI network, a DIY retail chain that has been operating in the country since 2003, has filed a lawsuit with the Moscow Arbitration Court against insurance company Ingosstrakh, seeking compensation of over 634 million rubles.
The lawsuit stems from a fire that took place at the OBI store in the "Mega Khimki" shopping centre in 2022. The claim amount, according to Mikhail Burmistrov, CEO of "Infoline-Analytics", may include the cost of damaged equipment and products within the OBI hypermarket.
The disagreement with the insurer regarding business interruption insurance is believed to have contributed to the claimed amount. This type of insurance covers the loss of income that a business suffers after a disaster.
The name of the third party suspected in the dispute between OBI and Ingosstrakh is "Renovation Group". This is because it is believed to be connected to the burned OBI market in Mega Khimki through alleged involvement in the ownership or management of the property.
The lawsuit is expected to be a lengthy process due to its specifics and potential for further expert assessments. Nikolai Titov, managing partner at a.t.Legal, estimates that the process of resolving this dispute may take from one to several years. Further expert assessments may extend the dispute for another two to three years, as Titov believes.
In the best-case scenario, insurers can reduce payments to 30-40% of the initial claims, but compensation usually ranges from 60% to 80%. However, in active litigation, insurers can secure a partial refusal of insurance compensation, according to Maxim Andreyev, senior lawyer at the arbitration practice of the legal firm VEGAS LEX.
It is worth noting that after the start of the armed conflict in Ukraine, the German side exited the Russian business, but the stores were later reopened. The OBI retail network currently manages 26 stores in Russia.
In 2024, the network's revenue was 24.6 billion rubles, an increase of 4.2% year-on-year. The claimed amount may also include losses due to business interruption, as suggested by the source from "Kommersant", which suggests that the calculation of the claim amount is based on the company's profit margin and the period of downtime.
A criminal case was opened under Article 238 of the Criminal Code of the Russian Federation regarding work not corresponding to safety requirements at the "Mega Khimki" shopping centre, where the fire occurred.
This news marks a significant development in the insurance and retail sectors in Russia, and the outcome of the lawsuit could set a precedent for future cases involving business interruption insurance and disputes with insurers.
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