Belarusian court leaves Russian potash firm's CEO under arrest
A district court in Minsk decided to leave the chief executive of Russian potash producer Uralkali in detention on Friday, resisting pressure from Russia to release him after his arrest last month after the break-up of a local joint venture.
Vladislav Baumgertner, CEO of the world's top potash producer, was detained on August 26 while visiting Minsk at the invitation of its prime minister.
His arrest escalated a trade feud sparked in late July when Uralkali pulled out of Belarus Potash Co (BPC), its trading joint venture with Belarus state potash producer Belaruskali.
"Our complaint was not satisfied by the court. We will appeal the decision in the Minsk City Court," his lawyer Dmitry Goryachko told reporters in Minsk.
Baumgertner faces two months in a pre-trial detention centre and up to 10 years if found guilty of abusing power as chairman of BPC's supervisory board.
Uralkali has estimated the collapse of what was the world's largest potash alliance could push prices down 25 percent in the second half of 2013.
That in turn could have a major impact on the economy of Belarus, where the fertiliser accounts for 12 percent of state revenue.
- Agrium partners with Actagro for soil, plant health products
- Arcadia Co-op to merge with Allied Cooperative
- Wisconsin's Biggest Weed contest winners announced
- Work happiness factors ranked in new survey
- Netafim USA announces strategic alliance with T-L Irrigation
- Ag markets are generally mixed in early Friday trading
- No El Niño in 2014? Drought-weary California in trouble
- Suspected Bt corn rootworm resistance in Pennsylvania
- Soybean aphid numbers on the rise
- BioNitrogen to build second fertilizer plant in Texas
- Commentary: Setting the record straight on 'Waters of the U.S.'
- Anti-GMO proposal denounced at Safeway shareholder meeting