An Attempt Initiated by Argentem Creek Partners to Takeover GNT Group’s Business Can Affect the Grain Corridor’s Operation Negatively

Odesa (Ukraine) – Dubai (UAE) 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 $118 million held by Serhii Hroza 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.

GNT Group states 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, the company 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.

GNT Group denies all allegations hurled at it and is prepared to meet its obligations to creditors in any civilized manner. 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. The steps they made were unnecessary to solving the issue of debt repayment.

GNT Group believes that 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.

GNT Group’s stance and conclusions are supported by the following arguments.

1. In 2019, G. N. Terminal