Former Uralkali CEO house arrest appeal denied by Moscow court

04 August 2014 23:20 Source:ICIS News

HOUSTON (ICIS)--The Moscow City Court on Monday upheld the ruling which had extended the house arrest status of former Uralkali CEO Vladislav Baumgertner by a period of three months until 14 October, denying the defense’s motion to overturn the prior decision.

Baumgertner’s defense team had appealed the 10 July ruling, which favoured a motion filed by governmental investigators to extend the house arrest status as they continue to investigate the former fertilizer executive, who faces abuse of power charges.

The allegations were originally filed by Belarus authorities before they extradited him to Russia in November 2013. After being jailed for a short time in Moscow, Baumgertner was relocated to house arrest status and ordered to wear an electronic monitoring bracelet.

First arrested in Minsk in August 2013, Baumgertner was accused of abusing his authority as chairman of the trading venture between Uralkali and Belaruskali and was incarcerated just days after the Russian producer announced its withdrawal from the potash pact, which threw the global market into an immediate decline.

Currently Baumgertner is being investigated by the Investigative Committee's Main Directorate in Moscow based on allegations that he was using his position in the company to generate profits for himself and others against the trading venture’s best interests. Authorities said if convicted by the Moscow court that Baumgertner faces up to 10 years in prison.

 

By Mark Milam