August 17, 1948 |
|Known for||Phosphate Industry|
Nahum Galmor studied economics in the USA and holds a Master of Business Administration. He worked as a managing director for Transphos, an affiliate of Israel Chemicals, the leading chemical concern in Israel and as a director for Indian Ocean Fertilizer, a South African company. At the outset of his career he served as a Vice Consul at the Israel General Consulate in New York.
Under the new ownership Thermphos has played a leading role in consolidating the international phosphorus and derivatives sector. Galmor, as the chairman of the board, strategically expanded Thermphos with several acquisitions. He brought phosphate supplier Kazphosphate closer together with phosphate manufacturer Thermphos. This proved to be economically very beneficial for both companies:
Kazphosphate increased sales from $26 million (2000) to $183 million (2006). Thermphos tripled the revenues from €237 (1999) to €714 million (2008) and made a profit (after taxes) of €124 million (1999: € 4 million).
Indictment in Israel
The prosecutor in Tel Aviv alleges that Galmor acted as a straw man for Gaydamak during the negotiations and that he presented $50 million of Gaydamak's money as belonging to him. The prosecutor claims that Gaydamak had concealed his identity because he knew the shareholders of Thermphos would not sell the firm to someone with his reputation.
Galmor denies the allegations, saying he has never concealed the fact to the shareholders that Gaydamak initially had indeed been part of the group of investors. When it became clear to him that a financial backing of Gaydamak would form a complication, he sought and found an alternative financing structure.
Some media reports criticized the Israeli authorities for their investigation. According to the Dutch daily newspaper NRC Handelsblad the Israeli prosecutor does not have any proof that the money for the purchase of Thermphos was Gaydamak's.
The Israeli business publication The Marker described the investigation against Gaydamak as politically motivated and wrote that several important witnesses and former shareholders of Thermphos have not been questioned by the prosecutor.
Chemical Exports to Iran
The Dutch daily De Telegraaf reported that an Israeli intelligence service tried to prevent the sale of Thermphos to Galmor because of fears that Thermphos might be abused for trading chemical products with Iran.
The Dutch Minister of Justice replied to parliamentary questions regarding these allegations on January 27, 2010. He stated that a preliminary investigation produced absolutely no evidence for any criminal offences and that neither Thermphos nor its managers were involved in delivering certain chemicals to Iran. In February 2012, the prosecutor dropped his charges of money laundering to focus on lesser offences.
- (fr) Recueil des sociétés et associations, Memorial - Journal Officiel du Grand-Duché de Luxembourg No 2547, December 30, 2009
- Rock-solid business, Forbes Special Advertising Section, June 19, 2006
- Indian Ocean Fertilizer company page, Mbendi Information Services
- (he) האישום נגד גאידמק: איש קש או קשקשת ברשת?, The Marker, December 10, 2009
- "Archived copy". Archived from the original on 2010-08-10. Retrieved 2010-03-15. Kazphosphate Website
- Alperowicz, Natasha, Kazakhstan Phosphate Producer Buys Thermphos, Chemical Week, February 19, 2003
- "New ownership boosts Thermphos: beefing up its specialties portfolio". Chemical Week. April 6, 2005.[dead link]
- Thermphos International B.V. Mergers and Acquisitions, Alacra Store
- "Thermphos is taken over by group of private investors". Chemical Market Reporter. February 17, 2003.[dead link]
- (ru) Сменился собственник "Казфосфата", Interfax, August 17, 2007
- Gaydamak, Poalim execs indicted for money laundering, Haaretz, October 4, 2009
- "Thermphos' response to recent publications".[dead link]
- Steven Derix, Guus Valk, Dutch company entangled in Israeli fraud case, NRC Handelsblad, February 17, 2010
- (nl) Bert Huisjes, Bart Olmer, Fosforfabriek valt in handen maffia, De Telegraaf, October 31, 2009
- "Antwoorden kamervragen inzake het bericht dat fosforfabriek thermpos uit Vlissingen via een stroman in handen is gekomen van de Russische wapenhandelaar Arcadi Gaydamak welke nu is aangeklaagd door het Israelische openbaar ministerie" (PDF).[dead link]
- Ela Levy-Weinrib, Arcadi Gaydamak agrees plea bargain, Globes, 14 February 2012