Three representatives of Potash Corp. /Saskatchewan (USA)(NYSE:POT) have decided to leave the board of Chilean fertilizer group SQM over certain allegation issues. As per the reports, SQM didn’t support these representatives in investigations concerning allegations or wrong doings. They claimed that SQM didn’t cooperate with the Chile’s public prosecutor.
Insights On Matter:
The issue that occurred between these two organizations has attracted unwanted attention of peculiar people, shareholders, organizations, and others. Recently Potash Corp. issued a statement which claimed that SQM was not supportive at all. Potash had minority shareholding in the board, which was the primary reason none of its representatives could do anything, even when they were disagreed. When SQM didn’t entertain them and refused considering their opinion, they decided to leave the board immediately.
After the instant decision, they clarified their side and claimed that SQM board was not responsible at all. It not only denied to cooperate with the Chile’s public prosecutor, but also parted its way concerning investigations for wrong doings. It’s not the first time when such issue has been brought into the light. There were quite a few occasions when concerned authorities tried to raise their voice, but no action could be taken.
The matter has already hit all sorts of media platforms. Potash Corp has made its stand quite clear in public, but SQM board hasn’t given its response yet. Reporters tried to get in touch with someone from SQM group, but nobody came ahead to comment on this issue. There are rumors concerning Potash Group may look forward to taking this case to legal authorities and ask them to step in and resolve the matter. No confirmation has come out, but experts anticipate that next few days will be crucial as both the companies will try to prove them right. It will be individual choice as who they want to support.