After Volytsia-Agro scandal, grain owners should get alerts on any transactions involving their grain — INBULK
Following the scandal surrounding Volytsia-Agro, grain owners should be able to track all transactions involving their commodities at elevators in real time and receive alerts about suspicious changes in inventory, INBULK CEO Oleksandr Romaniv and CMO Yurii Romaniuk said in an interview with Latifundist.com.
According to Romaniv, grain owners currently have virtually no control over what happens to their commodities after they are placed in storage.
“The depositor is essentially not an active participant in the process of entering this data. They can check their warehouse receipt by its number to see whether it has been registered. But they cannot influence the data-entry process itself, see all changes in a convenient format, or receive notifications about the redemption of a receipt or new actions. This simply does not exist in a proper automated form,” he said.
INBULK believes that the minimum step toward greater market transparency should be the creation of a digital account for grain owners, providing access to all warehouse documents and transaction history.
“At the very least, there should be a convenient interface for the depositor. They should be able to log in and see all their warehouse receipts, receive notifications when a new receipt is issued or an existing one is redeemed, and understand how their documents are reflected in the state registry,” Romaniuk said.
The company is also proposing a system of automated alerts about risk events at elevators.
According to Romaniv, if the physical grain stocks at an elevator begin to decline rapidly or fall below the volume documented as belonging to the owners, the system should automatically issue an alert.
“If there is a rapid write-off, a sharp decline in inventory or another unexplained change, the owner should receive a notification. They can then take action: send their security team, contact the elevator or check what happened,” he explained.
The company also advocates making the digital warehouse receipt the primary document for grain accounting, rather than duplicating it with paper versions.
