The District Court of the City of Nicosia (Cyprus) issued an order prohibiting the creditor Argentem Creek Partners (ACP) and its agent Madison Pacific Trust Ltd (Hong Kong) from taking action to seize, encumber or sell the grain terminal at the Odessa Sea Trade Port owned by GNT Group of Volodymyr Naumenko and Serhiy Groza.
This is reported in the press release GNT Group.
As before stated the owners of GNT Groupcreditors try to devalue their business, followed by an opaque resale of the company’s assets to an interested third party.
Thus, on February 6, it became known that ACP is initiating a bankruptcy case against the company Olimpex Coupe International (“Olympex Coupe International”), which provides operational management of the grain terminal.
“Fortunately for Ukraine, which plays a key role in ensuring food security, the order of the Cypriot court significantly complicates ACP’s ability to destroy Ukrainian businesses. Currently, the shipment of grain in Odesa port is under the control of GNT Group specialists — ACP does not carry out this activity,” the press release states.
It will be recalled that GNT Group took out a loan from Argentem Creek Partners in the amount of $75 million in 2019, secured by the company’s corporate rights, the value of which was several times higher than this loan. Because of the war with Russia, their repayment was complicated. But with the start of the grain corridor calculation possibilities appeared for loans. GNT Group has repeatedly declared its readiness to repay the debt in any civilized way. The creditor categorically refuses to negotiate with GNT Group. Instead, ACP initiated debt enforcement with elements of a corporate raid.
In order to prevent the grain terminal from being blocked, the GNT Group is challenging in the courts the currently existing illegal decisions of registrars and courts initiated by ACP.
For reference: GNT Group is a leading Ukrainian stevedore company operating in the Odesa Sea Trade Port and an exporter of agricultural products. The main business of GNT Group, which started in 1993 with the establishment of the company “Olympex Coupe International”, is transshipment of grain and oil crops and related services (cargo forwarding and fleet agency). The activity is carried out on the basis of its own modern grain terminal and production area “Dry Port”, which houses a complex for the preparation of grain and oil crops. The Olympex Coupe International grain terminal is one of the ten largest in Ukraine. The volume of investments in its development is more than $80 million.
