Olimpex Coupe Grain Terminal under new ownership: Carl Sturen appointed to lead operations

New York, July 14, 2025 – Lavanda Spectrum has acquired the controlling assets of the former Olimpex Coupe Grain Terminal, now renamed “Lavanda Terminal,” strategically located in the Port of Odesa. Lavanda’s acquisition follows successful efforts by creditors in international and Ukrainian courts to reverse asset stripping carried out by the former owners.

Lavanda assumed physical control of Lavanda Terminal this week and appointed Carl Sturen as Chief Executive Officer. The Swedish entrepreneur began investing in Ukraine in 1994 and has strong ties to Southern Ukraine. He is a co-founder and former owner of the well-known food processing company, Chumak. He also served as President of the renewable energy firm and investment company, Vindkraft Group (whose assets have fallen under illegal occupation by the Russian Federation). Carl has served as an Honorary Consul of Sweden since 2000.

The Supreme Court (highest court in Ukraine), on 9 July 2025, ruled in favor of Oleksii Sokol, the court-appointed bankruptcy manager of Olimpex Coupe international, upholding the decision by the Western Commercial Court of Appeal made on 7 April 2025. The original decision returned control over the dry port to the court-appointed bankruptcy manager so he can re-establish operations and resume overdue payments to the company’s creditors.

In this new role, Sturen will leverage his expansive operating experience to transform Lavanda Terminal into a state-of-the-art transshipment complex.

Carl Sturen, Chief Executive Officer of Lavanda Terminal, commented: 

“I am excited to take on this new opportunity. We have built an excellent team, and we have absolute confidence that we can transform the grain terminal formerly known as Olimpex into a transparent world class facility. Ukraine has so much potential to attract investment, but it has to shake off the reputation that doing business in Ukraine is high risk due to fraud. Attempts to defraud US investors failed and those culpable are out of business. We are grateful for the support of the authorities and office of the president for finding time to work on improving the investment climate during this horrible war.” 

The acquisition of the terminal by Lavanda follows the successful enforcement of mortgages granted to Madison Pacific as security trustee under loans which G.N. Terminal Enterprises (“GNT”) received from Argentem Creek Partners (“ACP”). The Ukrainian courts have also reversed several fraudulent transfers through which the former owners of GNT, Sergiy Groza and Volodomyr Naumenko, had sought to strip assets – including substantial elements of the terminal complex – from GNT.

This enforcement followed a multi-level legal battle between Groza and Naumenko and their creditors, ACP and co-lenders Innovatus Capital Partners (“ICP”). ACP and ICP, long-standing investors in the Ukrainian market, provided US$95 million to finance the terminal and were granted a comprehensive security package to protect their investment.

In June 2024, a Ukrainian Court found that Groza and Naumenko had leased the former Olimpex Coupe and MetalsUkraine terminals to Agiros Ltd, an entity sanctioned by the Government of Ukraine and linked to smuggler Vadym Alperin, for the storage, transshipment and export of ‘black’ grain.

In October 2024, Groza and Naumenko were sentenced to 21 months in prison by an English High Court judge, Mr Justice Bryan, for breaching asset disclosure orders made in connection with a Worldwide Freezing Order obtained by Madison Pacific in January 2023. In an earlier ruling, the High Court noted the “very real risk of dissipation [of assets],” adding that the case is “one where the evidence [of dissipation by Groza and Naumenko] is as strong as any that I have ever seen.”

In January 2025, a London Court of International Arbitration Tribunal ordered Groza and Naumenko to pay approximately US $150 million in respect of outstanding debts owed to ACP, interest and costs. These debts are still being pursued.

Naumenko was arrested in May 2025 on suspicion of fraud and forgery related to the unexplained disappearance of more than 100,000 tons of grain pledged as collateral for the ICP loan.

While they continue enforcement action to protect their position, ACP and ICP welcome the launch of Lavanda Terminal.

John Patton, Founding Partner of ACP, said: 

 “We at ACP, together with ICP, are committed to supporting Lavanda Terminal as it installs transparent operations at the Port of Odesa facility. 

 “This is a good day for foreign investors rights in Ukraine, the rule of law is prevailing. We look forward to the terminal being operated transparently and profitably – paying taxes to the state and fair wages to its dedicated staff. We will do everything we can to support the process and ensure the terminal resumes operations as soon as possible.

 “Defending rule of law issues is a core value for ACP, that integrity is part of what drives our success and makes us a valuable partner for reform minded governments looking to attract foreign investment. We are thankful for the support of the Ukrainian government officials who share these values.” 

 Ana Firmato, Managing Director at ICP, commented:  

“ICP, together with ACP, welcomes this appointment and is pleased to see the rule of law in Ukraine prevail.

 “We stand ready to support the new leadership of Lavanda Terminal to ensure the facilities are transformed into a responsibly managed business. This will serve as a key asset to the Ukrainian economy, will contribute fully to the tax base supporting to the war effort, and will play an important role in sustaining the Black Sea grain corridor.”

The illegal operations at the terminal, formerly called Olimpex, came to a standstill in June 2025. Lavanda Terminal is working to quickly resume operations while adhering to the highest international and Ukrainian business standards.

-ENDS-

 About Argentem Creek Partners: Argentem Creek Partners is an emerging markets specialist investment firm committed to delivering value for investors and partners. The firm seeks to deliver uncorrelated emerging market alpha by investing in special situations and structured capital solutions. Argentem Creek was founded in 2015 by Daniel Chapman and his former team from Cargill, Inc. subsidiary, Black River Asset Management. https://www.argentemcreek.com

About Innovatus Capital Partners, LLC: Innovatus Capital Partners, LLC is a New York based registered investment adviser and portfolio management firm with approximately $1.5B in assets under management; focused on creating value across special situations, emergent asset classes, private credit and asset-based investments. Innovatus adheres to an investment strategy that identifies disruptive and growth opportunities across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The Firm has a dedicated team of agriculture finance investment professionals with deep experience in emerging market lending and a strong network of relationships across local contacts and industry participants. www.innovatuscp.com