Head of Russian potash giant detained in Belarus

The head of Russia's largest potash producer Uralkali has been arrested in Belarus, Belarusian Investigative Committee spokesman Pavel Traulko told local media Monday. Vladislav Baumgertner, who was also chairman of Belarusian Potash Company, a joint venture between Uralkali and Belaruskali set up in 2005, was charged with abuse of office, Traulko said. Four of his associates had been added to a Belarus wanted list and face the same charges, the spokesman said. Baumgertner was detained at a Minsk airport when he was about to depart after a meeting with Belarusian Prime Minister Mikhail Myasnikovich. He could face up to 10 years in prison if found guilty. Uralkali announced on July 30 it would end output restrictions that underpin world prices and halt exports through Belarusian Potash Company, which controlled 40 percent of global exports. The decision, which could cause the global potash price to plummet 25 percent in the second half of 2013, has strained relations between the two countries. Belarus could suffer severe losses if the potash price falls.