Ukraine port grain complex has new ownership

Lavanda Spectrum has acquired the controlling assets of the former Olimpex Coupe Grain Terminal, located in Ukraine’s Port of Odesa, and renamed it Lavanda Terminal. Lavanda’s acquisition follows successful efforts by creditors in international and Ukrainian courts to reverse asset stripping carried out by the former owners.

Lavanda said it 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 Chumak, a food processing company.

“I am excited to take on this new opportunity,” Sturen said. “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.”

The acquisition of the terminal follows the successful enforcement of mortgages granted to Madison Pacific as security trustee under loans that G.N. Terminal Enterprises (GNT) received from Argentem Creek Partners (ACP). The Ukrainian courts also have 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.

The 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 $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 Ukrainian government 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, for breaching asset disclosure orders made in connection with a Worldwide Freezing Order obtained by Madison Pacific in January 2023.

In January 2025, the London Court of International Arbitration Tribunal ordered Groza and Naumenko to pay approximately $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 tonnes of grain pledged as collateral for the ICP loan.

The Supreme Court of Ukraine on July 9 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 April 7. The original decision returned control over the dry port to the court-appointed bankruptcy manager so he could re-establish operations and resume overdue payments to the company’s creditors.

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

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