PhosAgro

JSC PhosAgro
Native name
 ОАО «ФосАгро»
Public (OAO)
Traded as MCX: PHOR
LSE: PHOR
Industry Chemical
Founded 2003
Headquarters Moscow, Russia
Key people
 Sven Ombudstvedt,(Chairman)
Andrey A. Guryev, (CEO)
Products Fertilizer
Revenue $1.51 billion[1] (2016)
$919 million[1] (2016)
$893 million[1] (2016)
Total assets $3.42 billion[1] (2016)
Total equity $1.32 billion[1] (2016)
Number of employees
 5,001
Website www.phosagro.com

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.

Phosagro is one of the world’s leading producers of phosphate-based fertilisers. The Company is Europe’s largest producer of phosphate-based fertilisers, the world’s largest producer of high-grade phosphate rock and the world’s second largest producer (excluding China) of MAP and DAP (according to Fertecon), Russia’s only producer of feed monocalcium phosphate (MCP), and also the sole producer of nepheline concentrate in Russia.

PhosAgro has been ranked as among the 17th best of 92 oil, gas, and mining companies on indigenous rights and resource extraction in the Arctic.[2]

Ownership

First owner of group's assets was Menatep of famous Russian billionaire Mikhail Khodorkovsky. The firesale of assets to current owners happened after court litigation against Yukos. The owners also disputed the court decisions for fines on tax avoidance. This was the first case in history of Russian court system, when the state paid compensation to the accused company. In 2011, Andrey Guryev owned 71% of PhosAgro.[3]

PhosAgro is 19.35% owned by Vladimir Litvinenko,[4] who oversaw Vladimir Putin's doctoral thesis in 1996.[5]

Subsidiaries

  • Apatit
  • Ammophos
  • Cherepovetsky Azot
  • BMU (Balakovskyie Mineralnyie Udobrenia)
  • PhosAgro-Trans

Controversy

In June 2017, Igor Sychev, a former head of tax department of Phosagro, presented to the London High Court of Justice a claim against Phosagro. In his claim he demands 1% of the company’s shares or their value in money (approximately $55 million, and also $8 million in cash as his remuneration for having previously defended PhosAgro interests in court).[6]

Following Sychev's statement, this conflict started after he didn't receive the agreed remuneration for defending of mentioned Phosagro interests in court. This was dispute of previous court decisions for fines on tax avoidance and the first case in history of Russian court system, when the state paid compensation to the accused company.[7]

The defendants in the London court case are Andrey Guryev, PhosAgro vice president of the Board of directors, and another member of the board Igor Antoshin, together with some offshore companies based in Seychelles and Belize.

The London judge has given permission to open proceedings against the defendants.

References

  1. 1 2 3 4 5 https://www.phosagro.com/investors/reports/get/item13417.php.
  2. ↑ Overland, Indra (2016). "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic". ResearchGate. Arran. Retrieved 2 August 2018.
  3. ↑ Popova, Olga (14 July 2011). "IPO yields $538m for Guryev". The Independent. Retrieved 24 May 2015.
  4. ↑ "Shareholder Information". PhosAgro. Retrieved February 27, 2018.
  5. ↑ "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."
  6. ↑ "I Couldn't Achieve Any Justice In Russia". Barchart.com. Ein News. Retrieved November 13, 2017.
  7. ↑ "Putin's Russia: One Man's Story Of Corruption & Persecution". EU Today. Retrieved December 9, 2017.
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