Lavanda Spectrum acquires former Olimpex terminal, appoints Carl Sturen as CEO

Lavanda Spectrum has become a co-owner of the former grain terminal Olimpex Coupe International in Odesa port, which has now been renamed Lavanda Terminal, World Grain reports.

The company announced it had taken physical control of Lavanda Terminal and appointed Swedish entrepreneur Carl Sturen as CEO. Sturen has been investing in Ukraine since 1994 and is well connected in southern Ukraine. He is a co-founder and former owner of food processing company Chumak.

“I am excited to take on this new opportunity. We have built a strong team and are confident we can transform the former Olimpex grain terminal into a world-class and transparent facility. Ukraine holds great investment potential, but it must shed its reputation as a high-risk destination due to fraud. Attempts to deceive U.S. investors have failed, and those responsible have been stopped,” Sturen said.

The acquisition follows the successful enforcement of mortgages issued by Madison Pacific as security trustee for loans provided to G.N. Terminal Enterprises (GNT) by Argentem Creek Partners (ACP). Ukrainian courts also reversed several fraudulent transfers by former GNT owners Serhiy Groza and Volodymyr Naumenko, who had attempted to strip the company of assets, including key parts of the terminal complex.

The enforcement came after a legal battle between Groza and Naumenko and their creditors — ACP and co-lender Innovatus Capital Partners (ICP).

ACP and ICP welcomed the launch of Lavanda Terminal as they continue to defend their interests.

“At ACP, together with ICP, we are committed to supporting Lavanda Terminal in establishing transparent operations at the Port of Odesa. This is a good day for foreign investor rights in Ukraine — the rule of law is prevailing. We look forward to seeing the terminal operate transparently and profitably, paying taxes and fair wages. We will do everything we can to support the process and ensure the terminal resumes operations as soon as possible,” said ACP founder John Patton.

According to Opendatabot, Lavanda Terminal was established on June 27, 2025. It is owned by Austrian-registered company Lavanda Spectrum Trading GmbH, with Maksym Kutovyi listed as the ultimate beneficial owner.

A public legal dispute erupted in December 2022 between GNT Group and its creditors, ACP and Innovatus Capital Partners, involving the Olimpex Coupe International terminal. Innovatus accused GNT of fraud over an alleged $25 million grain loss. GNT denied the claims, calling the actions of the creditors a hostile takeover attempt.

After one of the businessmen, Volodymyr Naumenko, was arrested in May on fraud charges brought by the creditors, Ukraine’s Supreme Court signed an agreement on Wednesday to transfer the terminal to U.S. investors.