Jailed Ex-Wirecard CEO Files Lawsuit Against Chubb to Get D&O Coverage
Markus Braun, the former chief executive officer of scandal-ridden Wirecard AG who has been in jail for almost a year, sued insurance giant Chubb Ltd. to make it pick up his legal bills, people familiar with the case said.
Braun, who is being investigated over Wirecard’s demise, won an initial ruling in January in a Frankfurt court ordering Chubb to cover the costs under so called D&O insurance that his now-defunct employer had bought for top managers, said the people who asked not to be named because they aren’t authorized to speak about the matter.
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To provide judicial support for the Belt & Road Initiative ( BRI ), the Supreme People s Court of the People s Republic of China ( Supreme Court ) launched two international commercial courts ( China International Commercial Court or CICC )
1 in June 2018, which are respectively based in the southern Chinese city Shenzhen and the northern city Xi an.
2 The establishment of CICC is a ground-breaking innovation for the judiciary system in China, and may have a profound impact on the resolution of cross-border disputes arising from international commercial transactions connected to the BRI. Since their foundation, these courts have administered more than a dozen of cases. The Supreme Court has issued several judicial documents to guide the operation of CICC, such as the Provisions on Several Issues regarding the Establishment of the CICC,
Facts
The plaintiff, a furniture manufacturer, had sent exhibits by truck to a furniture trade fair in Moscow and the transport s organisation had been assigned to a freight forwarding company. The shipment was insured with the defendant on the basis of the General Terms and Conditions for Exhibition Insurance (1998, January 2009 version), which stipulated two transport insurance risk exclusions concerning:
the risk of confiscation, seizure or other intervention by public authorities; and
any damage caused by missing or defective packaging.
In the current case, the shipment was damaged during a customs inspection in Russia. According to the plaintiff, customs authorities had removed the exhibits and repacked them incorrectly – in particular, they had failed to use adequate packaging. The exhibits were significantly damaged and the plaintiff demanded compensation from the insurer as defendant. Such compensation out of the insurance policy was denied with reference to the aboveme