The loan has been repaid, but the claims are increasing fivefold: GNT Group's lawyers allege misconduct by the loan agent Madison Pacific

The debt dispute between Ukrainian business and its creditors has escalated into a large-scale corporate conflict, with attempts to recover an amount five times greater than the debt that has already been effectively repaid through collateral. The case concerns a long-running dispute between companies of the GNT Group and creditor funds registered in the Cayman Islands, consolidated under the representation of the loan agent Madison Pacific Trust Limited (Hong Kong).

According to the defense's statement, back in 2019 a loan agreement was concluded between Cyprus-based G.N. Terminal Enterprises Limited and the Cayman-registered funds APCI Trading LLC and Pathfinder Strategic Credit II LP, with Madison Pacific acting as agent. To secure the obligations, numerous surety, mortgage, and pledge agreements were executed. Disputes under these agreements were subject to consideration by the London Court of International Arbitration (LCIA).

In 2024–2025, courts in Ukraine and the LCIA in London issued a series of rulings in favor of Madison Pacific. The Commercial Court of Lviv Region recognized the creditor's claims against Olimpex Coupe International and MetalsUkraine Corp Ltd in the amount of over UAH 8.5 billion (equivalent to more than USD 230 million). In parallel, in January 2025, the LCIA in case No. 235752 ordered Serhiy Groza and Volodymyr Naumenko, as guarantors, to pay more than USD 116 million in principal debt, nearly USD 33 million in interest, as well as arbitration and court costs. Moreover, in July 2025 Madison Pacific reported that it was seeking through the London arbitration an even broader extension of asset restrictions against Serhiy Groza and Volodymyr Naumenko, up to USD 182 million.

However, according to GNT Group's lawyers, the actual situation tells a different story. In May 2025, Madison Pacific enforced a number of mortgaged assets of the Odesa grain terminal — buildings and complexes independently valued at more than USD 124 million. The sale was carried out to the company Lavanda Nova for a total of only USD 13 million. In addition, back in June 2024, the creditor sold 100% of the shares of the Swiss company Omega Terminal SA, with an appraised value of over USD 30 million.

Thus, according to the defense, the market value of the assets already foreclosed exceeded USD 155 million and fully covered the loan obligations.

In the statement provided to the editorial office, GNT Group's lawyers explicitly said:

"The value of the realized assets (over USD 155 million by market appraisal) fully covered the debt under the 2019 loan agreement; despite this, Madison Pacific continues to pursue claims in Ukraine, England, and other jurisdictions as if the debt still exists; in effect, this creates the risk of fivefold recovery beyond the actual amount owed."

The lawyers emphasized that "such actions contradict the principle of good faith between parties in civil and commercial legal relations, as well as the prohibition on abuse of procedural rights, established under both national and international law."

The document also highlights the broader consequences:

"We also draw attention to the public danger of these actions: this concerns the loss of key infrastructure assets during wartime, when maintaining ports and logistical hubs is critical for Ukraine's economy."

GNT Group's defense calls on Ukrainian courts, international jurisdictions, and state authorities to give proper legal assessment to Madison Pacific's actions and prevent repeated or multiple recoveries of a debt that has, in fact, already been repaid.

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