Philippine Phosphate Fertilizer Corporation (PHILPHOS), headed by businessman Salvador Zamora II, is facing international attention due to its past financial engagement with Agrifields DMCC, a company led by Amit Gupta.
In 2018, Agrifields DMCC committed “USD150-million to kick-off the rehab plan” for PHILPHOS’ Isabel, Leyte plant, which was “totally damaged by super typhoon Haiyan locally known as Typhoon Yolanda in 2013,” according to the Philippine News Agency. Amit Gupta and his father, G.S. Gupta, were present at the announcement.
Since then, Amit Gupta has become the subject of several serious allegations. As reported by The Sydney Morning Herald’s Nick McKenzie:
“The US documents name Getaxdirector Amit Gupta as the ‘target of a criminal investigation who is alleged to have conspired with others to bribe foreign public officials and to have engaged in money laundering and other offences’.”
In a 2024 report, Gupta is further described as an “alleged corporate crime kingpin and fugitive from justice has built a global business worth an estimated $800 million.” The article adds: “Documents show the federal police’s Getaxinvestigation spent years tracking this global movement of funds. In 2020, the AFP moved to seize multiple properties and bank accounts connected to Gupta in Australia, Singapore and New York worth an estimated $200 million.” According to MSN, Gupta “is currently facing an Interpol Red Alert Notice” and “numerous criminal charges in multiple countries”.
The $150 million investment into PHILPHOS is now under scrutiny, believed by some sources to be derived from “proceeds of crime”. In response to the growing investigations and sanctions, Zamora has reportedly taken steps to sever PHILPHOS’ ties with Agrifields DMCC.
Trade data supports this shift. In 2022, PHILPHOS and Agrifields DMCC recorded $63 million in trade. In 2023, that figure dropped 98% to around $930,000.
In addition to Australian Federal Police investigations, Gupta is being probed by India’s Income Tax Department regarding $240 million in sources of funds and is also facing a criminal forgery case involving $84 million in Kolkata.
Under international law, PHILPHOS is under no obligation to return the $150 million. Funds obtained through unlawful means are not legally recoverable by the party that supplied them. As a G12 nation, Australia has determined that the funds were a “proceed of crime”.
PHILPHOS is therefore permitted to withhold repayment and to block further financial transfers to Agrifields DMCC or related Gupta entities. The company may also have legal grounds to recover losses from previous dealings, which amounted to approximately $130 million between 2021 and 2023, according to Trademo.
This case reflects broader concerns over cross-border transactions, reputational risk, and legal exposure in high-value international partnerships.
Related articles:
https://www.pna.gov.ph/articles/1038201
https://www.trademo.com/companies/agrifields-dmcc/31499023
