Uralkali CEO Detained in Belarus; More Arrests May Follow

The Financial Post reported that Vladislav Baumgertner, CEO of Uralkali OAO (LSE:URALL), was detained in Belarus on charges of abusing his post as chairman of Belarusian Potash Company. Just weeks ago, Uralkali announced that it will no longer be selling potash through Belarusian Potash Company.

As quoted in the market news:

Belarus said it’s also seeking the arrest of four other Uralkali executives, accusing them of a scheme to cut state-owned Belaruskali out of decision-making at the venture, causing damages and losses of about US$100 million. Uralkali said July 30 it was quitting the venture. Shares of potash producers have plunged on predictions the price of the commodity will drop.

Uralkali sees the move as an “outrageous provocation” and is seeking assistance from Russia’s Foreign Ministry, Alexander Babinsky, a spokesman for the company, said by phone. Baumgertner traveled to Minsk at the invitation of Belarusian Prime Minister Mikhail Myasnikovich and was detained at the airport after their talks, he said.

Click here to read the full report from The Financial Post.