Sturen says ultimate goal is to make former Olimpex terminal attractive for possible sale

Lavanda Spectrum now physically controls 90% of the former Olimpex Coupe International grain terminal (now Lavanda Terminal), CEO Karl Sturen told Forbes Ukraine.

Some assets previously owned by Switzerland’s Omega Terminal are still missing.

“Right now it’s like a fridge without electricity,” Sturen said.

He expects to add the missing assets and resume operations within a month.

U.S. investors Argentem Creek Partners and Innovatus Capital Partners are in the process of restructuring the remaining assets, which are currently under the control of court-appointed administrators.

“Depending on how this restructuring goes, the future ownership structure of the terminal will be determined. Who the other shareholders will be will also depend on the outcome of the restructuring,” Sturen said.

His stake will not exceed 20%.

According to Sturen, the ultimate goal is to make Lavanda attractive for a potential sale. He has not yet estimated the required investment, timeline, potential capacity or value of the terminal.

In December 2022, a public legal dispute erupted between GNT Group and its creditors — Argentem Creek Partners (ACP) and Innovatus Capital Partners. The conflict also involved the Olimpex Coupe International grain terminal. Innovatus Capital Partners accused GNT of fraud over the alleged loss of $25 million worth of grain.

GNT rejected the accusations and said the creditors’ actions were an attempt to seize the business. After the arrest in May of one of the businessmen, Volodymyr Naumenko, on fraud charges brought by the creditors, Ukraine’s Supreme Court signed an agreement on Wednesday to transfer the terminal to the American investors.