US Investors Control Major Grain Terminal at Ukrainian Port
(MENAFN) American investors have gained control of a crucial export terminal at Ukraine’s Port of Odessa following a prolonged legal conflict with its former proprietors, according to a report by a news outlet on Monday.
The Olimpex grain terminal stands as one of the largest in Ukraine, boasting an annual throughput capacity of 5 million tons.
The litigation involved US-based Argentem Creek Partners and Innovatus Capital Partners, who accused the Ukrainian firm GNT Group of deceiving them over a $20 million loan.
Court documents reveal that GNT allegedly provided false information regarding grain intended as collateral and orchestrated the destruction of what it claimed was spoiled inventory after defaulting amid the intensified Russia-Ukraine conflict in 2022.
GNT refuted all allegations, asserting that the investors manipulated the loan agreements in an effort to conduct a “hostile takeover” of the terminal.
A lengthy investigation and judicial proceedings culminated in the arrest of Ukrainian businessman Vladimir Naumenko, a principal beneficiary of GNT, on charges of fraud in May.
Recently, Ukraine’s Supreme Court sanctioned the transfer of ownership of the facility.
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