American investment funds Argentem Creek Partners and Innovatus Capital Partners have taken control of one of the largest grain terminals in Ukraine, Olimpex in the city of Odessa, after a years-long legal dispute.
They came to this conclusion after years of litigation and with the help of the administration of President Volodymyr Zelensky, the Financial Times reports.
Argentem Fund partner John Patton announced that the terminal could be operational again during the summer, by September at the latest, and operational management will be entrusted to Swedish investor Karl Sturen.
According to the FT, the dispute began when the Ukrainian owners of the terminal, linked to the GNT group, failed to repay a $95 million loan they received from American creditors, Tanjug reports.
The investigation found that information about grain stocks, which were collateral for the loan, had been falsified. One of the former owners of the terminal, Vladimir Naumenko, was arrested in May on fraud charges, and his business partner Sergei Groza claims the case was politically motivated.
By a decision of the Supreme Court of Ukraine on July 9, the terminal was officially transferred to the ownership of American funds.
The FT states that Olimpex's capacity is around five million tons per year, which places it among the key infrastructure facilities when it comes to Ukrainian grain exports.
Bonus video:
