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Russia: Potash CEO ‘cuffed following accusations of market manipulation

By  |  August 26, 2013
Russia: Potash CEO ‘cuffed following accusations of market manipulation

The head of Russia’s largest potash company Uralkali was arrested Monday following charges the company is abusing its dominant position and just weeks after the company abandoned a joint venture with Belarus. CEO Vladislav Baumgertner was arrested at Minsk airport on suspicion of colluding to end the joint venture with state-owned Belaruskali for personal gain. Uralkali and Belaruskali had been in the partnership since 2005, though the two had been accused of fixing potash prices. Uralkali ended the partnership last month. But Belarus’s Investigative Committee told reporters they suspect Uralkali’s departure from the joint venture was intended to manipulate the potash market for “material benefits.” Potash is a crucial ingredient in fertilizer.

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