Ukraine Investigates Tax Evasion and Illegal Exports at Odesa Port

The Bureau of Economic Security of Ukraine (BES) has initiated a comprehensive investigation into significant tax evasion and the illegal export of black-market goods at the Olimpex terminal located in the Port of Odesa. This probe centers on Attollo Granum LLC, a company ostensibly owned by Serhii Fedorov and Tetyana Kovalenko, but allegedly serving as a front for other individuals. The investigation has revealed that Attollo Granum evaded approximately UAH 30 million in taxes during the 2023-2024 tax year through deliberate understatement of its tax base and the transfer of unaccounted profits to international bank accounts.

Further complicating the matter, the BES is examining premises unlawfully taken from Olimpex Coupe International LLC by Sergiy Groza and Volodymyr Naumenko via Pivdenniy Bank, an action purportedly aimed at dodging creditor repayments. A Ukrainian court's June 2024 ruling confirmed that the operations under scrutiny are under the joint control of Groza and Naumenko, both of whom were sentenced to 21 months in prison by the English High Court in October 2024 for contempt of court.

The investigation has also unearthed connections between Groza, Naumenko, and sanctioned entities linked to Vadym Alperin, a notorious smuggler. Attollo Granum is accused of providing Agiros LLC, an Alperin-associated sanctioned entity, with facilities at the Port of Odesa for the storage, transshipment, and export of illicitly obtained grain. This intricate network of illegal activities involves additional parties, including Russian national Mikhail Ipatov and Sunolta Group, underscoring the difficulties Ukrainian authorities face in tackling financial crimes and sanction enforcement.

This case has profound implications for Ukraine's economy and its alignment with international financial standards. The scale of tax evasion deprives the government of essential revenue, while the participation of sanctioned individuals in port operations questions the efficacy of international sanctions and Ukraine's capacity to implement them. For the global trading sector, this scenario emphasizes the perils of operating in areas prone to financial malfeasance and sanctions evasion, advocating for more rigorous due diligence in high-risk environments.

The ongoing investigation into the Olimpex terminal's operations sheds light on the persistent hurdles in ensuring lawful and transparent international trade, especially in regions beset by geopolitical strife and economic instability. As the inquiry progresses, it may reveal more about the breadth of illicit financial networks within Ukraine's critical port infrastructure. Creditors of GNT Group and the Olimpex terminal, such as Argentem Creek Partners and Innovatus Capital Partners, have voiced serious concerns over these unlawful activities, supporting the BES's endeavors to enforce legal standards and expose operations harmful to Ukraine's welfare.

This investigation could lead to heightened examination of port activities throughout Ukraine and the introduction of more stringent regulatory and oversight measures to thwart similar fraudulent schemes. The resolution of this case may significantly influence Ukraine's campaign against corruption, its enforcement of international sanctions, and its reputation in the global financial arena.