Monday, November 2nd, 2009
Thermphos’ response to recent publications
Thermphos informs its stakeholders and business partners, in view of recent publications involving its name, of the following:
Thermphos and its operations
Thermphos is a chemical company with a long standing reputation, operating world-wide on the basis of long-term relationships with all relevant parties in its branch.
Thermphos operates within a number of jurisdictions and fully complies with all relevant rules and regulations. This compliance is warranted by continuous controls and audits, both externally by the relevant authorities and internally by Thermphos itself.
Thermphos is assisted and advised by reputed advisory firms (including Loyens Loeff, PwC and Houthoff Buruma), covering legal, financial, technical and tax related issues. These firms work with Thermphos (and its predecessor Hoechst) for the last decades.
Ownership Mr. Galmor; checks and balances
Mr. Galmor is the owner of Thermphos since early 2003. Under his ownership, Thermphos has shown a sustainable growth based on both continuity of its own operations and a number of acquisitions of enterprises with added value.
Mr. Galmor is Chairman of the Board which includes 3 other members. These Board Members are jointly responsible for the management and operations of the company and they report to a Supervisory Board in accordance with mandatory Dutch company law and corporate governance rules.
Unfounded allegations
It is with great concern and disappointment that Thermphos noted the decision of the prosecutor in Tel Aviv to indict Mr. Galmor and others. Thermphos stresses in this context:
- Thermphos is not indicted and the indictment does not include any alleged wrongdoing by Thermphos.
- Thermphos has not supplied and does not supply to any weapons industry. It has always supplied to end users in accordance with the relevant rules and regulations. Moreover, Thermphos strictly applies a list of countries (including Iran) which under no means will be supplied with Thermphos products that could be used for the production of chemical weapons. This procedure is continuously monitored by surveys and audits conducted by the relevant governmental authorities.
- Mr. Galmor denies all these allegations and states that he has not concealed any fact or misled any party in the process of acquiring Thermphos in 2002/2003. When it became clear to him in 2002 that a financial backing of Mr. Gaydamak would form a complication, Mr. Galmor has sought and found an alternative financing structure which led to the acquisition of Thermphos in January/February 2003.
- There is not- and there has not been any relationship (ownership, financial or operational) nor any contact between Thermphos and Mr. Gaydamak.
The Thermphos management will be happy to answer any further questions regarding the above. Thermphos remains focused on maintaining a good relationship with its business partners and its employees.
Thermphos International B.V.
Rob de Ruiter
Director
For more information please contact:
Thermphos International B.V.
Lisette van den Berg
Communication Officer
| Phone: |
0113 – 689 603 |
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06-1238 9098 |