American Funds Take Over Key Odessa Grain Terminal

American investment firms Argentem Creek Partners and Innovatus Capital Partners have taken control of the "Olimpex" grain terminal in the port of Odessa following prolonged legal disputes with former owners suspected of fraud.

This was reported by the Financial Times.

The American funds have already won an international arbitration ruling amounting to $150 million and several decisions from British courts, with the final ruling made by the Supreme Court of Ukraine last week.

The "Olimpex" terminal has an annual capacity of approximately 5 million tons, making it one of the largest in Ukraine.

John Patton, a partner at Argentem Creek, stated that the terminal had been a crucial hub for illegal grain activities in Odessa.

At the end of June, former owners Sergey Groza and Volodymyr Naumenko from GNT Group were suspected of fraud for deceiving an American investor.

The investigation suggests that they fabricated 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 restore the terminal's operations soon.