PhosAgro

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JSC PhosAgro
Native name
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Company type
Public (OAO)
MCX: PHOR
LSE: PHOR
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HeadquartersMoscow, Russia
Key people
Xavier R. Rolet KBE,(Chairman)
Andrey A. Guryev, (CEO)
ProductsFertilizer
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Number of employees
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Websitewww.phosagro.com

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PhosAgro is a Russian chemical holding company producing fertilizer, phosphates and feed phosphates. The company is based in Moscow, Russia, and its subsidiaries include Apatit, a company based in the Murmansk Region and engaged in the extraction of apatite rock. The company is Europe's largest producer of phosphate-based fertilisers.

Ownership history

The original owner of PhosAgro's assets (most notably Apatit, a Soviet-era mining company) was exiled Russian billionaire Mikhail Khodorkovsky via his company, Menatep. In 2003, Khodorkovsky was arrested for tax evasion and fraud; the charges against him were ostensibly connected to Menatep's purchase of shares in Apatit. However, some have seen the charges as punishment for publicly clashing with Vladimir Putin.[1][2][3][4][5]

During Khordorkovsky's trial, the state seized Menatep's stake in Apatit.[6] In 2004, Andrey Guryev, who at the time ran Apatit on behalf of Khodorkovsky's Menatep and was also a Russian senator, wrote a message to Khodorkovsky in prison to convince him to sell his remaining 50% stake in PhosAgro to Guryev. Khodorkovsky sold his shares to Guryev for a low price.[7]

In July 2011, PhosAgro raised $538 million in a London IPO.[8]

In 2012, PhosAgro paid $344 million at a state tender to buy back a 26.7% share in Apatit, bringing the company's ownership to 76%.[9]

As of 2012, Andrey Guryev and his family owned 5.47% of PhosAgro via various trusts.[10]

PhosAgro is 19.35% owned by Vladimir Litvinenko,[11] who oversaw Vladimir Putin's plagiarized doctoral thesis in 1996.[12][7]

In 2022, the company's revenue amounted to 164 billion rubles.[13]

Subsidiaries

  • Apatit
  • Ammophos
  • Cherepovetsky Azot
  • BMU (Balakovskyie Mineralnyie Udobrenia)
  • PhosAgro-Trans it is planned to rename all these companies to the names of the owners

United Kingdom controversy

In June 2017, Igor Sychev, a former head of PhosAgro's tax department, presented a claim against PhosAgro to the High Court of Justice in London. In his claim, he demanded 1% of the company's shares or their value in cash (approximately $55 million, and also $8 million in cash to serve as his remuneration for having previously defended PhosAgro interests in court.[14]

According to Sychev's statement, the conflict started after he didn't receive the agreed remuneration for defending PhosAgro's interests in court.

The defendants in the London court case are Andrey Guryev, PhosAgro's Vice President of the Board of Directors, and another board member, Igor Antoshin, along with several offshore companies based in the Seychelles and Belize. A London judge has permitted the opening of proceedings against the defendants.[15]

In October 2019, another lawsuit was launched against PhosAgro in the London High Court. Alexander Gorbachev, a Russian businessman and former senior executive at PhosAgro, is suing the company for what he alleges is his rightful share of the business—a stake worth £1 billion at today's market value. The full trial was expected to be heard in the High Court in 2020 or 2021.[16]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content.Caesar, Ed (2015-05-23). "London's Most Mysterious Mansion". ISSN 0028-792X. Retrieved 2019-11-18.
  2. ^ Page Module:Citation/CS1/styles.css has no content."The roublemaker". www.telegraph.co.uk. Retrieved 2022-06-11.
  3. ^ Page Module:Citation/CS1/styles.css has no content."Editorial: A Verdict Under Shadow". Arab News. 2005-06-01. Retrieved 2022-06-11.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Oligarch? No, I'm just an oil magnate... | Business | The Guardian". amp.theguardian.com. Retrieved 2022-06-11.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Wolosky, Lee S. (2000). "Putin's Plutocrat Problem". Foreign Affairs. 79 (2): 18–31. doi:10.2307/20049638. ISSN 0015-7120. JSTOR 20049638.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Phosagro buys stake to secure fertiliser component supplier". Reuters. 2012-09-05. Retrieved 2019-11-17.
  7. ^ a b Page Module:Citation/CS1/styles.css has no content.Caesar, Ed (2015-05-23). "London's Most Mysterious Mansion". ISSN 0028-792X. Retrieved 2019-11-17.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Phosagro raises $538 million in London IPO". Reuters. 2011-07-13. Archived from the original on December 26, 2018. Retrieved 2019-11-18.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Corporate watch: an appetite for Apatit". Financial Times. Retrieved 2019-11-17.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Corporate watch: an appetite for Apatit". Financial Times. Retrieved 2019-11-18.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Shareholder Information". PhosAgro. Retrieved February 27, 2018.
  12. ^ Page Module:Citation/CS1/styles.css has no content."It All Boils Down to Plagiarism". Cdi.org. 2006-03-31. Archived from the original on 2009-08-06. Retrieved 2010-03-02. Clifford Gaddy: "Mr. Litvinenko -- who was directly involved in the dissertation, allegedly helped [Putin] choose the topic and was more or less the advisor for the dissertation -- is himself a member of the higher accreditation commission, which is the government-appointed body to be the watchdog over standards about degree-granting, dissertations and quality control for higher education in Russia. So it's extra scandalous that he would be involved in this case of, at minimum, shoddiness and plagiarism, possibly something worse, which would be the literal purchase, either by money or political influence, of a dissertation by someone who didn't actually do the work. That second point is not clear. I don't have proof about that. All I have is proof about the plagiarism."
  13. ^ Page Module:Citation/CS1/styles.css has no content."ПАО "Фосагро"". www.rusprofile.ru (in русский). Retrieved 2023-12-26.
  14. ^ Page Module:Citation/CS1/styles.css has no content."I Couldn't Achieve Any Justice In Russia". Barchart.com. Ein News. Archived from the original on 2018-02-28. Retrieved November 13, 2017.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Redefyne. "Putin's Russia: One Man's Story Of Corruption & Persecution - EU Today". eutoday.net. Retrieved 2019-11-18.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Billion-pound dispute over ownership of LSE-listed Russian company launches in UK court, as Judge rules that oligarch was correctly served legal papers, prepared by Fieldfisher LLP, in London street". AFP.com. 17 April 2012. Retrieved 2019-11-18.

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