Former Uralkali CEO house arrest status extended until October

10 July 2014 22:45 Source:ICIS News

HOUSTON (ICIS)--The district court in Moscow on Thursday granted a motion by governmental investigators to extend the house arrest status of former Uralkali CEO Vladislav Baumgertner by a period of three months until 14 October.

The fertilizer executive currently faces abuse of power charges, which were originally filed by Belarus authorities who extradited him to Russia in November 2013. After being jailed for a short time in Moscow, Baumgertner was relocated to house arrest status earlier this year 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 immediately decline.

Currently Baumgertner is being investigated by the Investigative Committee's Main Directorate in Moscow for 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 Russia court in Moscow that Baumgertner faces up to 10 years in prison.

Uralkali has repeatedly denied all accusations of improper behavior and although they re-elected Baumgertner to the company’s board of directors while he was incarcerated in late 2013, the producer later replaced him as CEO with the appointment of Dmitry Osipov.

By Mark Milam