Major Tax Evasion and Black Market 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 activities at the Olimpex terminal in the Port of Odesa. The probe centers on Attollo Granum LLC, a subsidiary of Sunolta Group, and has uncovered a web of financial misconduct that extends beyond Ukraine's borders.

According to findings by the BES, Attollo Granum, while operating the Olimpex terminal without proper authorization, has evaded approximately 30 million Ukrainian hryvnias (UAH) in taxes during the 2023-2024 fiscal year alone. The company is accused of deliberately understating its tax base and funneling unaccounted profits through international bank accounts before reintroducing the funds into Ukraine via illicit cash dispensing points.

The investigation has revealed connections between the operations under scrutiny and individuals previously implicated in legal troubles. Sergiy Groza and Volodymyr Naumenko, who were sentenced to 21 months in prison by the English High Court in October 2024 for contempt of court, are alleged to have common control over the entities being investigated. This link was established by a Ukrainian court ruling in June 2024, highlighting the international scope of the case.

Perhaps more alarming are the alleged ties between the investigated parties and sanctioned entities associated with Vadym Alperin, a known smuggler. The BES investigation has uncovered that Attollo Granum, despite being formally owned by Sunolta, served as a front for operations conducted by Groza and Naumenko. The company reportedly offered facilities at the Port of Odesa to Agiros LLC, an Alperin-linked sanctioned entity, for the storage, transshipment, and export of what authorities are referring to as 'black' grain.

The implications of this investigation are far-reaching. Not only does it expose a significant loss of tax revenue for Ukraine, but it also reveals the vulnerabilities in port operations that can be exploited for illegal activities. The involvement of sanctioned entities raises concerns about the effectiveness of international sanctions and the potential for their circumvention through complex corporate structures and cross-border transactions.

For the Ukrainian economy, the uncovering of such large-scale tax evasion schemes could lead to increased scrutiny of port operations and potentially stricter regulations to prevent similar occurrences in the future. The international dimension of the case, involving English court rulings and cross-border financial transactions, underscores the need for enhanced cooperation between countries in combating financial crimes.

The creditors of GNT Group and the Olimpex terminal, including Argentem Creek Partners and Innovatus Capital Partners, have expressed deep concern over these illicit activities. They have welcomed the BES's efforts to uphold the rule of law and uncover illegal operations that they believe are detrimental to the interests of the Ukrainian people.

As the investigation continues, it is likely to have ripple effects across Ukraine's shipping and export industries. Companies operating in these sectors may face increased regulatory oversight and due diligence requirements. Moreover, the case highlights the ongoing challenges Ukraine faces in rooting out corruption and illegal economic activities, which are crucial steps in the country's efforts to strengthen its economy and improve its standing in the international community.

The unfolding situation at the Olimpex terminal serves as a stark reminder of the complex interplay between corporate operations, international finance, and regulatory oversight. As authorities delve deeper into the intricacies of this case, it may lead to broader reforms in Ukraine's financial and trade sectors, potentially reshaping the landscape of port operations and international trade in the region.