Creditors are trying to declare bankruptcy of a terminal that loads ships under the "Grain Agreement" - GNT Group
On February 15, 2023, the Commercial Court of the Lviv region started the bankruptcy procedure of the LLC Olimpex Coupe International, which manages a strategically important grain terminal that provides the operation of the "grain corridor", says the press release of the GNT Group holding.
The holding company informs that the initiator of the bankruptcy procedure is the company Madison Pacific Trust Ltd (agent of the creditor company Argentem Creek Partners), which has filed a corresponding application.
As a result of the exceeding of powers by Madison Pacific Trust Ltd, the general director of Olimpex Coupe International LLC was illegally changed - a person controlled by Madison Pacific Trust Ltd was appointed to this position, and the address of the company's legal entity was illegally changed from Odesa to Lviv. All these actions point to an attempt to carry out a raider seizure of Olimpex Coupe International LLC, the legal owner of which is the GNT Group holding.
After that, Madison Pacific Trust Ltd filed anlimpex Coupe International LLC bankruptcy application.
The purpose of initiating the bankruptcy of GNT Group is the raiding of a strategically important grain terminal, which loads merchant vessels with Ukrainian grain for export within the framework of the "Grain Agreement".
GNT Group has already announced that it will appeal today's decision of the Commercial Court of Lviv region in the appeals court since the statement of Madison Pacific Trust Ltd is conceived and does not meet the requirements of the Ukrainian Code of Bankruptcy procedures.
There are decisions of international and Ukrainian courts in favor of the Ukrainian holding, namely:
On February 7, the District Court of Nicosia (Cyprus) passed an Order prohibiting Argentem Creek Partners and its agent Madison Pacific Trust Ltd from carrying out actions aimed at taking over, encumbering, or selling the grain terminal of Olimpex Coupe International LLC.
On February 14, 2023, the Western Commercial Court of Appeal satisfied the claim of Vitalii Marchenko, the illegally dismissed director of the Olimpex Coupe International and the court completely stopped the decision of the general meeting, which was previously adopted in favor of Madison Pacific Trust Ltd:
- on the dismissal of Vitalii Marchenko,
- the appointment of a controlled person as a director - a lawyer who does not have any professional experience in the operation of ports and grain terminals,
- change of legal address from Odesa to Lviv, where there is no port.
The grain terminal of Olimpex Coupe International LLC is of strategic importance for Ukraine, and the activities of the GNT Group holding, the legal owners of which are Serhii Groza and Volodymyr Naumenko, are of international importance, as they ensure the export of Ukrainian agricultural products within the framework of the "grain agreement", thus strengthening global food security and contributing to the international community's efforts to end world hunger.
To draw special attention to this fact and to facilitate the resolution of the situation with creditors, the labor team of the Odesa grain terminal Olimpex Coupe International publicly appealed to the President of Ukraine Volodymyr Zelenskyi.