GNT Group denies all allegations hurled at it by Argentem Creek Partners and Innovatus Capital Partners and is prepared to meet its obligations to creditors in any civilized manner. It is stated in GNT Group’s press release.
According to the company, Argentem Creek Partners (ACP), a U. S. hedge fund, announced on January 16, 2023, that the High Court of Justice of England ordered the garnishment of assets to the tune of USD 118 million held by Serhii Groza and Volodymyr Naumenko, co-owners of GNT Group and Olimpex Coupe grain terminal in Odesa. Before that, Argentem Creek Partners initiated a replacement of executives in companies shipping grain for export via Odesa Commercial Sea Port.
In 2019, G. N. Terminal Enterprises LTD (Dubai, UAE) managing company, a member of GNT Group, took out two loans – USD 75 million from ACP and USD 20 million from Innovatus. GNT Groups faced challenges with repaying the loan principal due to the aftermath of the Covid-19 pandemic of 2020-21 and an all-out war against russia in 2022.
The company negotiated restructuring and time extension for repayments with the creditors in writing till December 2022. With the grain corridor in operation, GNT Group had guaranteed prospects of repaying the debt both at the expense of its ongoing commercial operations and by refinancing the debt and raising business development investments from large international funds. The creditors were informed accordingly. They were also offered an option of selling a part of the company transparently to repay the debt.
Because of that, GNT Group did not expect Argentem Creek Partners to take hostile steps to enforce the debt collection, for instance, by suing and blocking operations of the Ukrainian companies, such as Olimpex Coupe International LLC, Metalsukraine Corp Ltd LLC, and Inzernoexport Grain Transhipment Facility LLC. The companies listed above are managed by G.N. Terminal Enterprises LTD; they directly own and operate grain transshipment terminals in the seaport.
In the GNT Group’s opinion, “This conflict has been provoked artificially by Argentem Creek Partners and Innovatus Capital Partners to ensure a rapid takeover of the stevedoring business in Ukraine because of the operation of the grain corridor... by doing so, the creditors are trying to devalue the business for the subsequent non-transparent resale of the company’s assets to an interested third party.”
The company stated that the creditors’ actions are indicative of an attempted hostile takeover (raiding) of GNT Group’s stevedoring business. For instance, while the terminals operate in Odesa, representatives of the creditor (Madison Pacific Trust Limited) changed the legal domiciles of the companies from Odesa to Lviv. The company indicated that the creditors appointed lawyers from Hillmont Partners law firm, having no work experience in the logistical services market, as Directors of these companies.
Also, the Directors were appointed contrary to the Corporate Agreement, under which a creditor’s representative is only permitted to appoint Commercial Directors with signing powers without replacing companies’ Directors.
GNT Group also believes that the action taken by Argentem Creek Partners to block operations of the Ukrainian grain terminal can disrupt grain shipments under the grain corridor, which is critically important for Ukraine and the whole world.
Currently, the terminal’s operations are under control by the company, with all contracts being performed.
At the same time, GNT Group is challenging currently available ACP-initiated unlawful decisions by registrars and Ukrainian and foreign courts before courts of law to prevent the grain terminal’s operations from being blocked.
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