PhosAgro stands behind Andrey Guryev Sr in $1.2bn court case
Published: Friday, 12 June 2015
The Russian fertiliser company has reiterated its backing of Andrey Guryev Sr, the deputy chairperson of PhosAgro. Alexander Gorbachev’s court case is now understood to be a private proceeding, not a public prosecutions office case.
Russian phosphate fertiliser producer
PhosAgro OAO has backed Andrey Guryev Sr in a Cypriot court
case that alleges the misappropriation of $1.2bn worth of
shares in the company.
"The company declared at the time,
and maintains today, that the claim has no legal basis and
PhosAgro will defend its position in any jurisdiction,"
PhosAgro reiterated today.
"Accurate information about the
shareholder structure of PhosAgro is available on the
company’s website and in other official documents,
including in its initial public offering (IPO) and secondary
public offering (SPO) prospectuses," PhosAgro added.
Alexander Gorbachev released a press
statement yesterday stating that a court case is being prepared
against Guryev regarding verbal agreements between the two men
over the ownership of the shares.
Gorbachev was forced to leave Russia for
political reasons in 2004, when it is alleged that he handed a
24% stake in PhosAgro to Guryev in trusteeship.
IM previously published
an article stating that the court case was a Cypriot public
prosecution office-led case, based on a source and the use of
the passive voice in a press release. However, the proceedings
are now understood to be private.
"The company notes that in his press
release today, Gorbachev and his public relations (PR) agency
misrepresent the nature of the proceedings in Cyprus. They
falsely imply that the criminal proceedings have been commenced
by the Cypriot prosecuting authorities," PhosAgro said.
"In fact, they are private proceedings,
brought to the court by Gorbachev alone, and Cypriot
prosecuting authorities are not pursuing any criminal cases in
relation to these accusations. As such they do not represent
the position or conclusions of any law enforcement authorities
in any country," the company added.