Politics 2024-06-15T05:23:40+03:00
Ukrainian news
GNT Group Denies Allegations Of Abuse In U.S. Argentem Creek Partners USD 75 Million Loan

GNT Group Denies Allegations Of Abuse In U.S. Argentem Creek Partners USD 75 Million Loan

Ukraine, USA, loan, Odesa port, Argentem Creek Partners, GNT Group, grain terminal, Olimpex Coupe International

The GNT Group company, which manages the grain terminal Olimpex Coupe International, located on the territory of the Odesa sea trade port, denies allegations of abuse of a loan to the company Argentem Creek Partners (USA) in the amount of USD 75 million.

This is stated in the company's message, Ukrainian News Agency reports.

"In November 2019, the management company GNT Group attracted two credit lines from Argentem Creek Partners in the amount of USD 25 million and USD 50 million. In fact, all these funds were directed to the repayment of the EBRD loan and the purchase of a 26% stake of CHS Europe S.a.r.l. in the grain terminal Olimpex Coupe International. In its statement, the Argentem Creek Partners fund said that it suspected GNT Group of abusing the loan funds. But the loan agreement was concluded in such a way that all loan funds had a purely targeted purpose, and any misuse of them was impossible," the message says.

In addition, according to the report, the credit agreement was concluded in such a way that there was no direct communication with the creditor, since the maintenance of the credit agreement was entrusted to the international trustee - the trust company Madison Pacific Trust Limited.

"We would like to remind you that in 2022, Ukraine found itself in a situation of a complete sea blockade due to the war with Russia, which significantly affected the financial performance of all players in the cargo transshipment market. The credit agreement allowed us to postpone payments on loans, for which we received waivers (postponement) stipulated by the agreement. GNT Group declares its readiness to repay its loan obligations to Argentem Creek Partners and is open to negotiations regarding the provision of all necessary financial documents for the audit. After all, there could not be any violations or misappropriation of loan funds," the message reads.

As Ukrainian News Agency earlier reported, Argentem Creek Partners (ACP), a firm specializing in issuing loans, headquartered in the USA, announced the initiation of forced refund procedures against GNT Group.

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