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Volodymyr Naumenko arrested on suspicion of defrauding foreign investors

News provided by news direct2025-05-20

--News Direct--

Volodymyr Naumenko, a Ukrainian businessman, has been remanded into custody by the National Police of Ukraine at a pre-trial detention facility in Kyiv, Ukraine. Naumenko was arrested on suspicion of carrying out fraud and forgery related to the unexplained disappearance of over 100,000 tons of grain pledged to a fund managed by Innovatus Capital Partners (“ICP”) in connection with funding arrangements involving assets located in the Port of Odesa, Ukraine.

Naumenko was caught attempting to flee Ukraine via the Romanian border with his bail being set at UAH 557 million (approx. US $13.4 million).

Naumenko and his business partner Sergei Groza are the founders of the Ukraine-based grain transshipment group, G.N. Terminal Enterprises (“GNT”), which encompasses the Olimpex and MetalsUkraine terminals in the Port of Odesa. GNT has defaulted on substantial loan facilities provided by US-based investors ICP and Argentem Creek Partners (“ACP”).

In October 2024, Groza and Naumenko were sentenced to 21 months in prison by an English High Court judge, Mr Justice Bryan, for breaching a Worldwide Freezing Order obtained on behalf of ACP 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 is as strong as any that I have ever seen.”

In January 2025, a London Court of International Arbitration Arbitral Tribunal ruled that Groza and Naumenko must pay approximately US $150 million in respect of outstanding debts owed to ACP.

Ana Paula Firmato, Innovatus Capital Partners, said:

” This arrest marks a meaningful step forward in our continued efforts toward recovery for our investors and we are pleased that the Ukrainian legal system is taking the necessary steps to protect investors from economic crimes.”

John Patton, Argentem Creek Partners, another creditor of GNT, commented:

“The Ukrainian legal system can deliver the protections investors need when laws are broken. We have invested hundreds of millions of dollars in Ukraine and see many exciting investment opportunities ahead especially as the Ukrainian government delivers on its commitment to supporting the rule of law.”

ACP and ICP have a long-standing history of investing in Ukraine. Both funds are committed to ensuring that the Olimpex terminal is managed professionally and in accordance Ukrainian and international law.

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 over US$1.6B 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