PhosAgro faces “massive sequestration of its assets”, deputy chair accused of misappropriating $1.2bn

By James Sean Dickson
Published: Thursday, 11 June 2015

Andrey Guryev, the largest shareholder of the Russian fertiliser group, has been accused by his former friend and business partner Alexander Gorbachev of pocketing $1.2bn in shares held in trust when the latter was forced to leave Russia for political reasons. The case is based in Cyprus, the registered office location of the companies involved in the alleged impropriety. Should the case succeed, PhosAgro could see a substantial shift in asset ownership and a big internal shake-up could be on the cards.*

The chief shareholder of Russia-based fertiliser producer PhosAgro OAO, Andrey Guryev Sr, has been accused of "using fraudulent means" to deprive Alexander Gorbachev, a former chairperson of the business, of a 24% stake in the company, valued at $1.2bn.

Loukis Loukaides, described as one of Europe’s most distinguished lawyers in...

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