American Investors Take Control of
American investment funds Argentem Creek Partners and Innovatus Capital Partners have gained control over the grain terminal "Olympex" in the port of Odessa following lengthy legal disputes with former owners suspected of fraudulent activities.
This was reported by the Financial Times.
The funds have already won an international arbitration case worth $150 million and several rulings from British courts, with the final decision made by the Supreme Court of Ukraine last week.
The "Olympex" terminal has an annual capacity of about 5 million tons and is one of the largest in Ukraine.
John Patton, a partner at Argentem Creek, stated that the terminal was a key hub for the "black grain" trade in Odessa.
At the end of June, the previous owners, Sergey Groza and Vladimir Naumenko from GNT Group, were suspected of fraud against the American investor.
Investigators believe they faked the destruction of grain following the Russian invasion to avoid repaying a loan.
GNT Group denies the allegations, claiming that Argentem Creek used loans for a hostile takeover of the business.
The American funds plan to resume operations at the terminal in the near future.
