Credit labyrinth: how to repay a loan when no one is interested in it and has completely different plans

Our editorial office has received materials that, based on the results of a thorough analysis, constitute a story that is impossible to imagine, and which is actively unfolding right now in Odessa.

With the assistance of the previously convicted and well-known character in Odessa, Alexander Podobedov, and his “tame titushki,” an attempt was made to forcefully seize the key logistics hub for Ukrainian grain exports—the Olympics terminal.

Moreover, this attempt also casts an ominous shadow of Russian interference. According to our information, a citizen of the Russian Federation, Vazha Jashi, and his company Trans-Oil Group were involved in the epicenter of the confrontation over control of the largest grain terminal Olimpex. It was Vazha who directed Podobedov’s actions, and it was his company that was supposed to establish control over the Olimpex terminal.

We have received documents clearly indicating that Jashi is the owner of a Russian passport series 45216 No. 32916, issued in June 2021 by the Moscow branch of the Russian Ministry of Internal Affairs. This fact brings to mind the potential objectives of such foreign involvement and the risks to the smooth functioning of a critical port in wartime conditions.

According to insiders, Jashi was initially attracted by American investors - Argentem Creek Partners and Innovatus Capital Partners - in their struggle to gain control of Olympic.

But history has moved into a phase where Vazha Jashi took active control over the process of seizing the Olympex terminal into his own hands, conveyed his own vision of the process to American funds, and with his actions brought the situation into an even greater dead end.

Why did they choose Vazha Jashi and why is he confident that he will be able to “confuse” his American employers and carry out all the planned “schemes”?

The attack on the Odessa port is not the first in Jashi’s “Ukrainian career.”

Why "Ukrainian"? The fact is that Vazha Jashi previously promoted the pro-Russian political wing in Moldova, and built his schemes there.

According to the investigation data, which we received from our own sources, a number of commercial structures located on the territory of the Reni sea trade port became involved in dubious financial schemes.

At the center of the scandal is PJSC Reni Elevator and its “shadow beneficiary,” Russian citizen Vazha Jashi.

According to law enforcement officers, this company, together with other port operators, withdrew part of the income in an unaccounted “black” cash register. Significant amounts of cash were transferred to Jashi himself and his Russian business partners.

During a recent search on the territory of the Reni Elevator, tens of thousands of dollars, euros and hryvnia were seized, as well as documentation indicating possible violations. According to investigators, this cash could have been intended to finance illegal activities that undermine the constitutional order of Ukraine.

This is evidenced by the classification of crimes in the criminal case - financing of actions against the constitutional order, forgery of documents and legalization of proceeds from crime. The court has already seized the seized property to preserve material evidence.

The investigation continues to clarify the surprising details of the “Reni” financial kitchen and the circle of people involved in the possible withdrawal of capital in favor of Russian beneficiaries with business interests in the Ukrainian port.

In addition to his passport and origin, Vazha Jashi has an extremely dark past, PJSC “Reni Elevator” and the schemes associated with it are just the tip of the iceberg. Not the first “scheme project” in Jashi’s career.

In addition, as of now, on the territory of the Olympic terminal, under previously concluded contracts, there is a large number of grain crops, the owners of which are a whole list of third parties. Vazha Jashi’s task is not only to establish control at the terminal, but also to illegally seize this product with the aim of its further transportation to the Reni Elevator, which is under his control.

These actions have already led to the initiation of a number of criminal proceedings for the misappropriation of property of third parties and raider takeover of an operating enterprise.

This explosive conflict only highlights the fragility of the situation around the Odessa port, a key link in the Ukrainian grain export chain. Any destabilization in this area threatens with catastrophic consequences not only for Ukraine, but also for global food security.

At the same time, let's take two steps back and see what exactly became the prerequisite for the events that are unfolding in Odessa.

ACT I - Historical excursion

OLIMPEX COUPE INTERNATIONAL operates a strategically important grain terminal in the Odessa port, one of three in the south of Ukraine, active within the “grain corridor” and is part of GNT Olimpex Holding (GNT Group), the ultimate beneficial owners of which are businessmen Sergei Groza and Vladimir Naumenko.

This terminal is of strategic importance for global food security, as the grain that leaves the port of Odessa has become a critical aspect in negotiations between Ukraine, Russia and world leaders to prevent a global food crisis.

ACT II - Credit

In 2019, GNT Group took out loans from two American investment funds - Argentem Creek Partners (ACP) for $75 million and Innovatus Capital Partners for $20 million. At the same time, corporate rights to the terminal operating company were pledged, the cost of which was 2.4 times higher than the amount of loans and amounted to $176.6 million.

The final date for repayment of obligations was determined to be December 2021, and then extended until March 2022, which were completely understandable and acceptable conditions for this strategic Ukrainian business.

History has made its own adjustments.

First phase: late 2019 - early 2020 - the COVID-19 pandemic, which caused a massive global crisis and hysteria. Morbidity, mortality, border closures, mass layoffs, lockdowns, disruption of all logistics connections and, as a consequence, the financial crisis and reduction in income became the first blow for many businesses around the world, by the way, including American ones. It is logical to assume that this crisis has significantly affected the GNT Group and their ability to pay their obligations.

It influenced, but did not stop its activities, and certainly did not stop the GNT Group in its intentions to pay off all its debts.

The second phase: the beginning of 2022 - a full-scale invasion of the Russian Federation into the territory of Ukraine. Panic. Chaos. Lack of understanding of what to do next. Most of all, active military operations at the beginning of a full-scale invasion and the destabilization of the situation in the country influenced the ability of Olimpex Coupe International to adequately operate the grain terminal on the port territory. Martial law restrictions and curfew, in particular, had a negative impact on the uninterrupted process of transshipment and shipment of crops at the terminal.

Taken together, these events made their “contribution” both to the financial stability of the GNT Group and to the adequate activities of the enterprise itself as a whole. A difficult period in which the majority of Ukrainian businesses required special conditions and acceptance of the current situation.

It was during this period that the American “partners” and creditors of GNT Group not only did not enter into the situation and did not agree to adequate business negotiations, but also decided to take advantage of it with the aim of a total raider seizure of the company’s assets.

This is despite the fact that the company is an active business, with more than 25 years of history, which actively employs more than 700 people and which, before the full-scale invasion, did not have any problems, including legal ones.

ACT III - War

GNT Group has repeatedly declared its readiness to repay its obligations to creditors and informed them about this.

Vladimir Naumenko, as the final beneficiary of the GNT Group, contacted creditors and initiated debt restructuring; a number of third parties joined this process with proposals to negotiate the purchase and sale of claims on the resulting loan obligations. With the support of these third parties, GNT Group has always communicated an active position of openness to public dialogue to resolve the current situation.

The formal reason for the all-out legal attack on the GNT Group and the group’s assets were statements by investment funds about global readiness for restructuring negotiations, but about the fundamental impossibility of this process due to the alleged concealment of operating activities and distortion of facts about the missing grain, which was the subject of collateral on loan obligations.

In addition, almost simultaneously, Argentem Creek Partners and Innovatus Capital Partners released statements in which they accused the beneficiaries of the group, businessmen Sergei Groza and Vladimir Naumenko, as fraudsters.

In the opinion of our editors, the position on “readiness for negotiations on restructuring” is very difficult to form, which was “seasoned” with theses that the beneficiaries of the business with which they are supposedly ready to negotiate are scammers and schemers.

We fix it. The strategic Ukrainian grain business, which is recovering from a full-scale invasion by a neighboring aggressor state, is simultaneously making every effort to work within the “grain corridor” (which is constantly under enemy fire, which weighs on with an additional burden of responsibility and adds problems to the difficult process of doing business during war ), declares to its strategic American “partners” its readiness to restructure the debt, conducts negotiations with third parties to resolve the current situation, in particular, proposes to conduct joint negotiations and join forces to find a buyer for the assets, and publicly declares its readiness to pay creditors a portion of the monthly profit enterprises.

ACT IV - Raiders

Instead of looking for a compromise, the Americans spent a long time looking for who would take over the process of raiding the terminal. Vazha Jashi, whom we talked about at the beginning of this article, undertook to do this. The formal reason for the forceful entry into the territory of the enterprise was the replacement of the director with an arbitration manager as part of a bankruptcy trial. Before this, a large number of legal, but absolutely insignificant actions were also taken.

Moreover, legal proceedings were launched against the GNT Group in five countries at once - Ukraine, Great Britain, Cyprus, Switzerland and the UAE - this is not an accident, but a pre-planned “action”.

Based on legally weak protocols, the company’s registration address was moved to Lviv and bankruptcy proceedings were opened. Returning to the formal reason for the takeover - the replacement of the director with an arbitration manager. It is important to understand that the court’s ruling on such a replacement is now being challenged in the prescribed manner, and according to the Unified State Register of Enterprises and Organizations, Vitaly Marchenko remains the director of the enterprise.

Such aggressive actions demonstrate a complete lack of desire to find compromise. Instead, we see the public position of “corporate raiders.”

Act V - Conclusions

In light of all the events described and the circumstances that we have analyzed, it becomes obvious that creditors have other motives than simply returning funds.

The actions of Argentem Creek Partners and Innovatus Capital Partners indicate that they are not so much interested in repaying the debt as they are in control of the Odessa terminal and other strategically important assets.

But the most dangerous thing about this is that the process of resolving the situation was entrusted to Russian citizen Vazhi Jashi. It is he who produces this “movie”, in which the Americans, to their great regret, do not have the role of spectator and customer, but have themselves become victims of Jashi’s cunning schemes.

At the same time, according to information that became available to our editors, GNT Olimpex Holding (GNT Group), the ultimate beneficial owners of which are businessmen Sergei Groza and Vladimir Naumenko, are still ready to burn out, and publicly declare this.

But at this stage, all Vazha Jashi can do is declare to the Americans that he will take control of the enterprise. In fact, the situation is unfolding in such a way that GNT Group and Olimpex are successfully, step by step, defending their positions in the courts. Vazha has very little leverage and opportunities left. Looking at the situation, it seems that he not only misled the Americans, but also successfully got lost in the middle of his “schemes.”