Nahum Galmor
Encyclopedia
Nahum Galmor is an Italian-Israeli businessman residing in Switzerland.
He has been the owner and chairman of the board of the Dutch company Thermphos
since 2003. Thermphos is one of the world’s largest manufacturer of phosphorus
products.
. 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.
In 2002 Galmor took over the Kazakh
company Kazphosphate LLC
, the largest phosphate producer of the former Soviet Union.
In 2003 with a group of investors Galmor took over Thermphos, which was a former affiliate of the German chemicals company Hoechst AG
.
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).
In 2007 Galmor sold Kazphosphate LLC to Nurlan Bizakov
for an estimated sum of $120 million.
to deceive the shareholders of Thermphos.
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.
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.
He has been the owner and chairman of the board of the Dutch company Thermphos
Thermphos International
The Themphos International B.V. is a venture of the chemical industry, which produces phosphorus and inorganic phosphorus compounds. In 2005 it earned about 550 Million Euros and employs about 1200 people. It is Europe's only producer of elemental phosphorus. The company is also involved in...
since 2003. Thermphos is one of the world’s largest manufacturer of phosphorus
Phosphorus
Phosphorus is the chemical element that has the symbol P and atomic number 15. A multivalent nonmetal of the nitrogen group, phosphorus as a mineral is almost always present in its maximally oxidized state, as inorganic phosphate rocks...
products.
Career
Nahum Galmor studied economics in the USA and holds a Master of Business AdministrationMaster of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
. He worked as a managing director for Transphos, an affiliate of Israel Chemicals
Israel Chemicals
Israel Chemicals Ltd. , also known as ICL, is a multi-national Israeli manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products.-History:...
, 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.
In 2002 Galmor took over the Kazakh
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
company Kazphosphate LLC
Nurlan Bizakov
Nurlan Seydinovich Bizakov is a Kazakhstani businessman. He is the chairman and major shareholder of Kazphosphate, one of Kazakhstan's largest phosphorus producers. He bought the company in 2007 from Nahum Galmor for an estimated sum of $120 million....
, the largest phosphate producer of the former Soviet Union.
In 2003 with a group of investors Galmor took over Thermphos, which was a former affiliate of the German chemicals company Hoechst AG
Hoechst AG
Hoechst AG was a German chemicals then life-sciences company that became Aventis Deutschland after its merger with France's Rhône-Poulenc S.A. in 1999...
.
Under the new ownership Thermphos has played a leading role in consolidating
Consolidation (business)
Consolidation or amalgamation is the act of merging many things into one. In business, it often refers to the mergers and acquisitions of many smaller companies into much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group...
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).
In 2007 Galmor sold Kazphosphate LLC to Nurlan Bizakov
Nurlan Bizakov
Nurlan Seydinovich Bizakov is a Kazakhstani businessman. He is the chairman and major shareholder of Kazphosphate, one of Kazakhstan's largest phosphorus producers. He bought the company in 2007 from Nahum Galmor for an estimated sum of $120 million....
for an estimated sum of $120 million.
Indictment in Israel
In October 2009 Galmor was indicted in Israel for "fraudulently obtaining goods or benefits". He is accused to have conspired with the controversial Russian-Israeli businessman Arcadi GaydamakArcadi Gaydamak
Arcadi Aleksandrovich Gaydamak, is a Russian-Israeli businessman, who was awarded the Order of the Legion of Honour. On April 29, 2011 the Court of Appeal in Paris acquitted him of charges of arms dealing...
to deceive the shareholders of Thermphos.
The prosecutor in Tel Aviv alleges that Galmor acted as a straw man
Straw man
A straw man is a component of an argument and is an informal fallacy based on misrepresentation of an opponent's position, twisting his words or by means of [false] assumptions...
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
NRC Handelsblad
NRC Handelsblad, often abbreviated to NRC, is a daily evening newspaper published in the Netherlands by NRC Media. The newspaper was created on October 1, 1970, from merger of the Nieuwe Rotterdamsche Courant and Algemeen Handelsblad . In 2006 a morning newspaper, nrc•next, was launched...
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 TelegraafDe Telegraaf
De Telegraaf is the largest Dutch daily morning newspaper, with a daily circulation of approximately . De Telegraaf is based in Amsterdam...
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.