⚖️ After lengthy court proceedings related to possible fraud with pledged grain, control over the port passed to the companies Argentem Creek Partners and Innovatus Capital Partners.
Source: Bukvy
🌾 The “Olimpex” terminal is capable of processing up to 5 million tons of grain per year and is one of the largest in Ukraine.
🤝 The administration of President Volodymyr Zelensky helped two American funds recover a debt of 95 million dollars from Odesa magnates who previously owned the terminal and failed to repay loans.
🧾 The funds struggled for a long time to gain recognition in Ukraine, although they previously won international arbitration for 150 million dollars and several cases in UK courts. The turning point was the arrest of businessman Volodymyr Naumenko in May and the Supreme Court decision in July.
🚨 At the end of June, the previous owners of the terminal, Serhiy Groza and Volodymyr Naumenko from GNT Group, were suspected of fraud for deceiving the American investor. The investigation believes that GNT simulated the destruction of grain after russia’s full-scale invasion to avoid repaying the loan.
🛡️ GNT rejected the accusations, accusing Argentem Creek of using loans for hostile takeover.
📉 American investor John Patton believes that “Olimpex” was one of the centers of shadow grain export. According to him, an active fight against this market has been ongoing for the past year.