MOSCOW — Potash producer Uralkali rose on Thursday after CEO Vladislav Baumgertner was moved from a Belarus prison to house arrest.Belarus officials said they had moved Mr Baumgertner from a KGB prison to a rented flat in Minsk in a sign that a dispute that roiled the $20bn potash market may be nearing resolution.The move by Belarus authorities was "unexpected", Mr Baumgertner’s lawyer Alexei Basistov said on Thursday.No decision has been made on seeking more lenient terms of detention for the executive, Mr Basistov said.Mr Baumgertner was arrested a month ago at Minsk airport following talks he attended at the invitation of Belarus Prime Minister Mikhail Myasnikovich over his company’s withdrawal from the Belarusian Potash Company (BPC) trading venture. Belarus has called for the arrest of Uralkali’s billionaire shareholder Suleiman Kerimov, who has since held talks on selling his stake. Billionaire Mikhail Prokhorov’s Onexim Group was said to be among the Uralkali bidders.Belarusk...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.