2023-03-29T18:44:00+03:00 Economy 2024-09-15T05:41:06+03:00

Ukrainian news

GNT Group uses judicial manipulations to avoid paying debts of a grain terminal in Odessa, – media

GNT Group uses judicial manipulations to avoid paying debts of a grain terminal in Odessa, – media

Dubai-based GNT Group is using court manipulations to avoid repayment of its debt obligations to investors involved in the Black Sea Grain Initiative terminal in Odessa, which is managed by its subsidiary OlympexCoupe International LLC.

According to “Censor”, over the past six months, trials have continued in various instances, in which the "carousel" mechanism is used to abuse the case.

“Lawyers of a well-known Kiev law firm file the same claims, petitions and complaints in the interests of the former owners and top management, waiting for the case to “get” to the judge they like. If the case goes to another judge, the claim or complaint is withdrawn,” the publication explains. .

The following situation is given as an example:

On January 20, 2023, without any authority to do so, the dismissed directors of Ukrainian companies engaged a well-known Kyiv law firm to act on behalf of these companies.

On January 27, the lawyer of the former directors filed a petition with the Pechersky District Court of Kiev to cancel the seizure of property (100% of corporate rights in the form of shares in the authorized capital) of LLC Metalzukrain Corp Ltd and LLC ZPK Inzernoexport, LLC Olimpex Coupe International imposed by court rulings on January 5.

The automated distribution of court cases took place on January 30, as a result of which these petitions were distributed to investigating judges Konstantinova K.E. and Vovk S.V. But later the lawyer sent an application to the court to leave the petitions received by judge Konstantinova K.E. without consideration and filed similar petitions again.

Investigating judge Sokolov A.M. received new petitions to cancel the arrest from the property of ZPK InzernoexportLLC, and the investigating judge Busik E.L. also received a petition to cancel the arrest from the property of OlimpexCoupe International LLC. an application to leave the application without consideration.

Similar petitions are again being filed with the PecherskyDistrict Court of Kyiv. And only on February 17, the new investigating judge of the Pechersky District Court of Kyiv Grechanaya S.I. canceled the arrest of 100% of corporate rights in the form of shares in the authorized capital of property, as well as property belonging to Olympex Coupe International LLC.

According to the publication, abuses of procedural rights were also recorded in other courts - the Belgorod-Dnestrovsky court, the Western Economic Court of Appeal, and the Economic Court of the Odessa region.

In addition, it has recently become known that on March 14 and 15, the same lawyer applied to the Odessa District Administrative Court on behalf of Olympex Coupe International LLC, Metalzukrain Corp Ltd LLC and ZPK Inzernoexport LLC with statements of claim to the Ministry justice.

However, the directors of these companies did not give any lawyer such an order and did not authorize them to represent the interests of the companies. As a result of the decision of the Odessa District Administrative Court dated March 20 in cases No. 420/5192/23 and No. 420/5222/23, the applications of the directors of the companies were satisfied and the statements of claim were returned to the plaintiffs without consideration.

Recall that the Dubai company GNT Group owns 100% of the corporate rights of several Ukrainian enterprises, namely Olimpex Coupe International LLC, MetalzukrainCorp Ltd LLC and Inzernoexport Grain Handling Complex LLC. At the same time, the American hedge fund Argentem Creek Partners and the company InnovatusCapital Partners accuse her of refusing to return the funds invested in the construction of the terminal in Odessa.

According to Argentem Creek Partners regional head John Patton, it turned out that “the GNT Group was unable to explain where the grain stocks (including assets pledged to Innovatus), worth more than $130 million, had gone their loan obligations.

ACP and Innovatus provided the GNT Group with a number of debt repayment extensions prior to the start of the full-scale Russian invasion on February 24, 2022, and were prepared to extend further extensions. Since the problem was not solved, then, according to the terms of investment, the management of the companies was changed and an attempt was made to establish a transparent business.

At the same time, the former top management and co-owners of companies from the GNT orbit are challenging the actions of creditors, as a result, the situation has escalated into a media and judicial confrontation both in Ukraine and in foreign jurisdictions (Cyprus, UAE, Great Britain, Switzerland, etc.).