21 July 2023, Friday, 11:37 708

A foreign court prohibited creditors from selling and liquidating the assets of the Ukrainian holding company GNT

Editor: Марина Іванова

Читати українською

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On July 6, 2023, the District Court of Nicosia (Cyprus) issued a temporary order restraining the receiver appointed by the creditors from taking any action and transacting on behalf of G.N. Terminal Enterprises Ltd. (the GNT Group holding company) and taking any action to liquidate its direct and indirect subsidiaries.

This was reported by the GNT holding in a press release (release at the disposal of the editors).

The document states that in this way the Cyprus court protected the GNT holding company from the unscrupulous actions of one of the creditors (ACP I Trading Ltd) - a fund registered in the Cayman Islands under the management of Argentem Creek Partners.

"In Ukraine, Argentem Creek Partners, through the hands of its agent - Madison Pacific Trust Ltd - is trying to seize the assets of GNT, namely port infrastructure enterprises in Odesa: LLC "Olimpex Coupe International", LLC "METALSUKRAINE CORP LTD" and LLC GRAIN OVERLOAD COMPLEX"Inzernoexport", - it is stated in the press release.

GNT points out that under the guise of "loan debt collection", credit raiders are trying to take over businesses. The market value of these businesses is many times greater than the full amount of the loan ($75 million), which was taken out back in 2019 and not repaid on time due to force majeure in the form of the COVID-19 pandemic and full-scale war.

"As of July 2023, Ukrainian and foreign courts systematically refuse the raiders of Argentem Creek Partners and their representatives to satisfy their demands, and also side with the GNT holding, restoring justice and the rule of law," the holding reports.

It will be recalled that the Cypriot court has not sided with GNT for the first time. Thus, on February 7, 2023, the District Court of Nicosia (Cyprus) had already issued an order prohibiting the creditors and their appointed property manager from acting regarding the sale or possession of the grain terminal in the port of Odesa and the dry port.

And recently, on July 4, 2023, the decision of the Supreme Court as part of the Cassation Administrative Court in case No. ZD/380/1/23 recognized as illegal the measures to secure the claim, which were established concerningLLC "Olimpex Coupe International", LLC "METALSUKRAINE CORP LTD” and LLC GRAIN OVERLOAD COMPLEX"Inzernoexport".

"In this way, the Supreme Court prevented raiders-creditors from "fixing" the status of illegally seized enterprises.

Next is the full restoration of justice and depriving creditor raiders of any opportunity to illegally seize GNT's assets," the press release summarizes.

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