Potash Chief to Remain in Belarus Prison as Court Rejects Plea
Belarus will keep Vladislav Baumgertner, the chief executive officer of Russian potash producer OAO Uralkali (URKA), in detention in Minsk after a judge rejected a plea from lawyers for his release.
Under Judge Natalia Pykina’s ruling, Baumgertner must remain in Belarus while an investigation into alleged abuse of office is underway. His legal team will challenge the decision to leave Baumgertner’s status unchanged, Dmitry Goryachko, the Russian executive’s lawyer, said at the courthouse.
Baumgertner’s detention on Aug. 26 stems from the July decision to end a marketing joint venture with Belarus’s Belaruskali, plunging the former Soviet Union’s two largest potash producers into a dispute and roiling the $20 billion global market for the crop nutrient. He was taken into custody at the Minsk airport after being invited to talks by Belarus Prime Minister Mikhail Myasnikovich.
Uralkali quit the Belarusian Potash Co. joint venture because Belarus “violated” their agreement by allowing Belaruskali to export some of its potash independently, the Russian company said at the time. Uralkali said it would work at full capacity, a strategy that would lead to a decline in potash prices.
Uralkali shares fell in London.
Belarus charged Baumgertner, who is also chairman of BPC, with abuse of office. He faces as long as 10 years in prison and may forfeit property if convicted.