Former Uralkali CEO under home arrest, Belarus seeking compensation (video)


The investigation could be lasting for another half-year, but the period for possible arrest is set to expire in mid-April. By then, Vladislav Baumgertner will have been continually in home detention and had restricted and limited contacts outside. Due to the fact that the businessman has assets abroad, the court says he could possibly jump bail.

In December 2013, Uralkali replaced Baumgertner as CEO. And because of this, the Russian newspaper Vedomosti estimated that Vladislav Baumgertner could have received a $12 mln golden parachute or severance-pay package.

After the Uralkali CEO’s extradition to Russia, the Belarusian General Prosecutor’s Office is still seeking compensation for ‘financial damages’.

English subs:

{movie}Former Uralkali CEO under home arrest; Belarus still seekeng compensation. ENG subs|right|14868{/movie}

‘Baumgertner is highly unlikely to give something back. But it [money paid to him] is sure to become another argument in further trade between Russia and Belarus, which stands a fair chance for success,’ political analyst Kirill Koktysh said.

In February 2014, the negotiations for Uralkali’s potential formal exit from the Belarusian Potash Company were held, and the conflict triggered a potash market collapse.

Currently, Uralkali is clawing its way back, but the old price level has still not recovered. As for the Belarusians, they have focused on exports and stopped domestic supplies, which may be due to domestic companies’ debts to Belaruskaliy.

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Uralkali announced its decision to quit Belarusian Potash Company, in which it held a 50-percent stake, on July 30, 2013. The collapse of the sales cartel angered the Belarusian authorities which accused Uralkali’s executives of abuses of power and arrested the Russian company’s then-director general, Vladislav Baumgertner.

www.belsat.eu/en

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