According to AMCU’s official decision published on December 3, TNA Corporate Solutions LLC obtained control over a group of 14 Ukrainian enterprises previously owned by Oleg Bakhmatyuk’s UkrLandFarming without obtaining the mandatory regulatory approval.
Ukrainian media (LIGA, EP, Ukranews and others) describe these enterprises as structures connected to Oleg Bakhmatyuk, and TNA as a vehicle used to transfer ownership to a new beneficiary.
According to AMCU, the US-based company carried out a series of unauthorized concentrations by re-registering corporate rights of agricultural and consulting entities belonging to the UkrLandFarming group to a new ultimate owner — Nicholas Piazza, a US citizen.
Publications by OffshoreAlert and U.S. court filings indicate that Nicholas Piazza is a US citizen residing in Cody, Wyoming, who has (or had) a residence in Ukraine, and has been involved in cases alongside Oleg Bakhmatyuk, SP Capital Management LLC, and related entities.
Which companies were transferred to TNA
TNA Corporate Solutions obtained control over the following companies:
-
“Agrarna Perspektyva” LLC
-
“Agrarnyi Holding Avangard” LLC
-
“Financial Consulting Company Avangard Ltd” LLC
-
“Trade Agro” LLC
-
“Vesna 21” Agricultural Enterprise LLC
-
“Dubnotsukorinvest” JV (LLC)
-
“Budyscha” LLC
-
“Vilna Sloboda” LLC
-
“Interbusiness” Private Enterprise
-
“Zolotyi Lan-N” LLC
-
“Dobrobut” Agricultural Enterprise
-
“SAAN-AGRO” LLC
-
“Distribution Company Agrotech” LLC
-
“Hetmanske” LLC
All these companies were part of the production structure of UkrLandFarming, once one of the largest agricultural groups in Ukraine.
The Ukrainian state register lists Nicholas Piazza as the ultimate beneficial owner of these enterprises.
Nicholas Piazza, Oleg Bakhmatyuk and Gramercy’s $1 billion claims
In 2022, Nicholas Piazza and Oleg Bakhmatyuk were defendants in a lawsuit filed by Gramercy Funds Management, which accused them of orchestrating a scheme to transfer nearly $1 billion of UkrLandFarming Plc assets to structures in Cyprus and Wyoming.
Gramercy claimed this was done to avoid payments to eurobond holders.
In October 2024, the lawsuits were withdrawn after the parties reached a confidential settlement.
Other recent episodes involving TNA in Ukraine
-
September 2024: AMCU fined TNA UAH 33,999 for failing to provide information requested by the committee.
-
December 2025: another AMCU decision fined TNA UAH 510,000 for acquiring stakes in Agrarian Holding Avangard LLC, Financial Consulting Company Avangard Ltd, and Trade-Agro LLC without concentration approval.
Ongoing criminal cases involving Oleg Bakhmatyuk
Oleg Bakhmatyuk, who now resides in Vienna, is a suspect in several criminal proceedings in Ukraine:
-
he is accused of misappropriating UAH 1.2 billion in stabilization loans issued by the NBU to VAB Bank in October 2014;
-
he is also accused of attempting to offer the largest bribe in Ukraine’s history — UAH 722 million in exchange for closing cases against him.
What the AMCU decision means
The AMCU ruling confirms that:
-
control over part of UkrLandFarming’s assets was transferred to a new beneficiary without regulatory approval;
-
the concentration was carried out through the re-registration of corporate rights;
-
the violation concerns 14 legal entities within a vertically integrated agricultural group.
The UAH 2.2 million fine is cumulative and covers several episodes of unlawful concentration.
AMCU also required the company to submit proper concentration notifications if it intends to retain control over these enterprises.
TNA Corporate Solutions LLC is a U.S. company with identification number 2017-000737609, incorporated in 2017 under the jurisdiction of the state of Wyoming. State registries list Nicholas Piazza as the ultimate beneficial owner of the enterprises transferred under TNA’s control.
