The Bureau of Economic Security of Ukraine (BES) has launched an investigation into widespread tax evasion and illegal export of black-market goods at the Olimpex terminal in the Port of Odesa. The probe focuses on Attollo Granum LLC, an entity formally owned by Serhii Fedorov and Tetyana Kovalenko but allegedly operating as a front for other individuals. According to the investigation, Attollo Granum has evaded approximately UAH 30 million in taxes during the 2023-2024 tax year alone. The company is accused of deliberately understating its tax base, transferring unaccounted profits to international bank accounts, and then funneling the money back into Ukraine through illegal cash dispensing points.
The BES search extends to premises that were reportedly illegally stripped from Olimpex Coupe International LLC by Sergiy Groza and Volodymyr Naumenko through Pivdenniy Bank. This action was allegedly taken to avoid repaying creditors. In a related development, a Ukrainian court ruled in June 2024 that the operations under investigation are under the common control of Groza and Naumenko. Both individuals were sentenced to 21 months in prison by the English High Court in October 2024 for contempt of court. The investigation has also uncovered links between Groza and Naumenko and sanctioned entities associated with Vadym Alperin, a known smuggler. Attollo Granum is alleged to have offered facilities at the Port of Odesa to Agiros LLC, an Alperin-linked sanctioned entity, for the storage, transshipment, and export of 'black' grain.
This complex web of illicit activities involves multiple parties, including Russian citizen Mikhail Ipatov and Sunolta Group. The ongoing investigation highlights the challenges faced by Ukrainian authorities in combating financial crimes and enforcing sanctions. The revelations from this investigation have significant implications for Ukraine's economy and its efforts to align with international financial regulations. Tax evasion on this scale deprives the government of crucial revenue, while the involvement of sanctioned individuals in port operations raises concerns about the effectiveness of international sanctions and Ukraine's ability to enforce them.
For the global trading community, this case underscores the risks associated with conducting business in regions where financial crimes and sanctions evasion are prevalent. It also highlights the need for enhanced due diligence when engaging with entities operating in high-risk sectors or locations. The investigation into the Olimpex terminal operations serves as a reminder of the ongoing challenges in ensuring transparency and legality in international trade, particularly in regions facing geopolitical tensions and economic pressures. As the probe continues, it may lead to further revelations about the extent of illicit financial networks operating within Ukraine's vital port infrastructure.
Creditors of GNT Group and the Olimpex terminal, including Argentem Creek Partners and Innovatus Capital Partners, have expressed deep concern over these illicit activities. They welcome the efforts of the Bureau of Economic Security to uphold the rule of law and uncover illegal operations that are detrimental to Ukraine's interests. As this investigation unfolds, it may prompt increased scrutiny of port operations across Ukraine and potentially lead to stricter regulations and oversight mechanisms to prevent similar schemes in the future. The outcome of this case could have far-reaching consequences for Ukraine's efforts to combat corruption, enforce international sanctions, and improve its standing in the global financial community.
