26.08 Russian Potash Producer Uralkali's CEO Detained in Belarus
MINSK, August 26 (RIA Novosti) The CEO of Russian fertilizer firm Uralkali, one of the worlds largest producers of potash fertilizer, has been detained in Minsk and charged with abuse of power, a spokesman for the Belarusian Investigative Committee said Monday.
CEO Vladislav Baumgertner, who is also a member of the oversight board of Uralkalis Belarusian partner, Belaruskali, is being investigated for possible abuse of power and abuse of official duties, the Investigative Committees Pavel Traulko told RIA Novosti.
Uralkali has confirmed Baumgertners detention but denounced it as a gross provocation by Minsk. The companys share price fell 2 percent on news of the CEOs detention.
Uralkali and Belaruskali had previously worked together under the umbrella of the so-called Belarus Potash Company, and channeled all their exports through one trading company.
But Baumgertner said in June that Belaruskali had started to sell potash independently last year and, in doing so, destroyed the fundamentals of our prolonged fruitful cooperation.
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