The terminal, with an annual capacity of up to 5 million tonnes, is one of the largest in Ukraine. According to Argentem Creek representative John Patton, Olimpex had previously been a major hub for illicit grain trade in Odesa.
The funds had previously secured a $150 million arbitration award and several victories in UK courts, with the final decision issued by Ukraine’s Supreme Court.
GNT Group owners Serhii Hroza and Volodymyr Naumenko have been officially charged with fraud. According to the investigation, they allegedly staged the destruction of grain following the onset of the war to avoid debt repayment. GNT Group denies the accusations, claiming the funds used loan agreements to orchestrate a hostile takeover of the business.
Hroza maintains that the case was fabricated and politically driven. Andriy Yermak, Head of the Office of the President of Ukraine, responded that the Ukrainian government merely supported the investigation and called the case an example of the rule of law in action.
The American funds plan to resume operations at the terminal by summer or autumn this year. As previously reported, Argentem Creek and Innovatus Capital initiated bankruptcy proceedings against Olimpex Coupe International — GNT Group’s core asset — in early 2022, citing approximately $100 million in unpaid loans secured by grain stock and the terminal itself.
