Major Tax Evasion and Illegal Export Scheme Uncovered at Ukrainian Port Terminal

The Bureau of Economic Security of Ukraine (BES) has initiated a significant investigation into alleged tax evasion and illegal export operations at the Olimpex terminal in the Port of Odesa. The probe centers on Attollo Granum LLC, a subsidiary of Sunolta Group, and its connections to sanctioned individuals involved in smuggling activities. This development highlights ongoing challenges in Ukraine's efforts to combat corruption and financial crimes in its vital port sector.

According to information released by Argentem Creek Partners and Innovatus Capital Partners, creditors of the GNT Group and Olimpex terminal, the BES has uncovered evidence of substantial tax evasion amounting to UAH 30 million (approximately $1.1 million USD) in the 2023-2024 tax year alone. The alleged scheme involved deliberately understating the tax base, transferring unaccounted profits to international bank accounts, and subsequently reintroducing these funds into Ukraine through illegal cash dispensing points.

The investigation has also revealed potential links between the operations at Olimpex and Vadym Alperin, an individual previously sanctioned for smuggling activities. BES officials discovered that Attollo Granum, while ostensibly owned by Sunolta Group, may have been operating as a front for Sergiy Groza and Volodymyr Naumenko. These individuals were recently sentenced to 21 months in prison by the English High Court for contempt of court, further complicating the legal landscape surrounding the terminal's operations.

Of particular concern is the alleged use of the Olimpex terminal facilities by Agiros LLC, an entity linked to Alperin, for the storage, transshipment, and export of 'black' grain. This suggests that the terminal may have been utilized for moving goods through unofficial channels, potentially circumventing customs regulations and avoiding proper taxation.

The implications of this investigation are far-reaching. Ukraine's port infrastructure plays a crucial role in the country's economy, particularly in the export of agricultural products. Any compromise in the integrity of these operations could have significant repercussions for Ukraine's international trade relationships and economic stability. Moreover, the alleged involvement of sanctioned individuals raises questions about the effectiveness of current measures to prevent illicit activities in strategic sectors.

For investors and international partners, this investigation underscores the ongoing challenges in ensuring transparency and compliance in Ukraine's business environment. It highlights the need for enhanced due diligence and robust oversight mechanisms, particularly in sectors critical to the country's economic interests.

As the investigation unfolds, it may lead to broader scrutiny of port operations across Ukraine and could potentially result in regulatory reforms aimed at strengthening financial controls and anti-corruption measures in the maritime trade sector. The outcome of this probe could have lasting impacts on how Ukraine manages its port facilities and conducts international trade, with potential ripple effects throughout the region's economic landscape.

The creditors' statement welcoming the BES investigation reflects growing concern among international stakeholders about the need for stronger rule of law and financial transparency in Ukraine. As the country continues its efforts to align with international standards and attract foreign investment, addressing such high-profile cases of alleged financial misconduct will be crucial in building confidence in Ukraine's business environment and governance structures.