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Ukraine’s Ministry of Justice Rejects Attempt to Reverse Directorship Changes by Former GNT Directors

Argentem Creek Partners

[New York City, 13 March 2023] – The Ministry of Justice of Ukraine has issued a decree nullifying the recent illegal attempt to change a director at Olimpex Coupe International, a subsidiary of GNT Group.

The attempt to reverse the prior directorship appointment was illegally enacted by a private notary, Anatolii Guliyev, who is believed to be working for Sergiy Groza and Volodymyr Naumenko (the former shareholders of GNT Group), and who has violated several injunctions prohibiting the completion of any registration actions in respect of Olimpex Coupe International. As a result of the decree, the director of Olimpex Coupe International lawfully appointed by the new management of GNT Group therefore remains the company’s sole officer.

In cases where there have been obvious legal violations relating to actions in the state registrar, the Ministry of Justice has the power to consider the complaint without resorting first to the Anti-Raiders Commission. In this case, the Minister of Justice exercised this power.

There will be no further changes to the register to reflect this latest setback for Groza and Naumenko whilst injunctions over Olimpex Coupe International are in place. These injunctions were ignored by the notary, working for Groza and Naumenko, who have repeatedly breached court orders across a number of jurisdictions.

Engaging the comprehensive security package Argentem Creek Partners (“ACP”) has in place to protect its investment, ACP has established control over the GNT Group and intends to introduce transparent business practices, ensure tax compliance, conduct reliable audits and establish clear management of the enterprise.

GNT Group remains the subject of a criminal investigation into embezzlement and the dissipation of pledged assets following a complaint filed in December 2022 by Innovatus Capital Partners (“Innovatus”), a US-based asset management firm and investor in Ukraine, and a creditor of GNT Group.

John Patton, Portfolio Manager, EMEA & Asia at ACP said:

“This decision demonstrates that the Ukrainian government can play a critical role in upholding the rule of law and fighting fraud and corruption. Since inception, ACP has invested over $600m into Ukraine. We remain optimistic about the investment environment and our ability to enforce our rights when situations deteriorate, where governance breaks down or where we suspect fraud.”

Ana Firmato – Managing Director at Innovatus said:

“We are pleased that the Ukrainian Ministry of Justice has validated our position in enforcing our rights as secured creditors of the GNT Group. Together with ACP, we look forward to working diligently to bring GNT back to a path of profitability, transparency, tax compliance and proper corporate governance. These efforts will be important for the prosperity of Ukraine and global food security more broadly.”