Owners of GNT Group have filed a counterclaim against creditors alleging a criminal conspiracy to seize control of the business and inflict multimillion-dollar damages

26 february 2024, 09:30

The High Court of England and Wales has not recognized a final asset freeze against GNT Group owners
Photo: depositphotos.com

The Ukrainian holding, GNT Group, continues its legal dispute with Argentem Creek Partners and Innovatus, planning a counterclaim against the creditors' agent for a criminal conspiracy to take over the business of the Ukrainian holding and cause multimillion-dollar damages. This was reported in a company press release.

The Ukrainian company confirmed that on February 8 of this year, the High Court of England and Wales rejected the application to set aside the WFO (Worldwide Freezing Order) issued on January 13, 2023. However, as emphasized in the press release, this decision does not signify anything other than the continuation of the legal dispute.

This court decision can be appealed if GNT Group owners find economic and practical sense in doing so, and their assets may only be enforced based on the outcome of the arbitration dispute in the London Court of Arbitration.

As emphasized by GNT Group, opponents manipulate facts in the press, using statements such as "High Court confirms arrest," "seizure of assets will occur," and "Groza and Naumenko will no longer be able to appeal this arrest," which do not correspond to reality.

The Ukrainian holding noted that the real harm inflicted by WFO is not as significant as its use by creditors in an extremely dirty information campaign.

"The dispute itself is still ongoing, and within its scope, the London Court of Arbitration will consider not only the claims of Madison Pacific Trust Limited but also the counterclaim of GNT Group owners against the creditors' agent for a criminal conspiracy to take over the business of the Ukrainian holding and inflict multimillion-dollar damages," stated in the press release of the Ukrainian company.

Context

GNT Group is a Ukrainian stevedore company operating in the Odesa sea trade port, an exporter of agricultural products.

The company reported that in 2019 it loaned $75 mln from ACP on the security of corporate rights that were worth several times more than the loan amount. And in 2021 it borrowed from Innovatus $20 mln on the security of double coverage with grain and corporate rights. Due to the Russian war against Ukraine, the company had problems with repaying its debts but with the opening of the Grain Corridor, the ability to serve the loans has arisen. In late December, in the midst of the Grain Corridor’s functioning, the creditors suddenly initiated a forcible collection of debts, reported Volodymyr Naumenko and Serhii Hroza, GNT Group owners.

On February 17, 2023, Pechersk District Court in Kyiv decided in favor of Olimpex Coupe International, part of GNT Group holding. The Court granted the application of the company and canceled the measures for ensuring applied against it earlier.

On June 6, Lviv District Administrative Court closed administrative proceedings on the suit made by creditors of the Odesa grain terminal.

The UK GNT Group court