The Bureau of Economic Security of Ukraine (BES) has initiated a comprehensive investigation into alleged large-scale tax evasion and the illegal export of black-market goods at the Olimpex terminal located in the Port of Odesa. Central to this probe is Attollo Granum LLC, a company ostensibly owned by Serhii Fedorov and Tetyana Kovalenko but suspected of serving as a facade for undisclosed individuals. The investigation has revealed that Attollo Granum has dodged approximately UAH 30 million in taxes during the 2023-2024 fiscal year through deliberate underreporting of its tax base and the clandestine transfer of profits to international accounts, later reintroduced into Ukraine via illegal cash operations.
Further complicating the scenario, the BES is examining properties unlawfully taken from Olimpex Coupe International LLC by Sergiy Groza and Volodymyr Naumenko, with the assistance of Pivdenniy Bank, allegedly to sidestep 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 subsequently sentenced to 21 months imprisonment by the English High Court in October 2024 for contempt of court.
The investigation has also unearthed connections between Groza, Naumenko, and entities under sanctions, notably those linked to Vadym Alperin, a reputed 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, spotlighting the hurdles Ukrainian authorities face in tackling financial crimes and sanction enforcement.
This case has profound implications for Ukraine's economic stability and its alignment with global financial standards. The scale of tax evasion not only strips the government of essential revenue but also questions the efficacy of international sanctions and Ukraine's capacity to implement them. For the international trade sector, this situation serves as a cautionary tale about the perils of operating in areas rife with financial misconduct and sanctions evasion, emphasizing the necessity for rigorous due diligence in high-risk environments.
The ongoing investigation into the Olimpex terminal's operations underscores the persistent challenges in fostering transparency and legality in international trade, especially in regions grappling with geopolitical and economic strains. As the inquiry progresses, it may reveal further details about the breadth of illicit financial networks exploiting Ukraine's critical port infrastructure. Creditors affected by these activities, such as Argentem Creek Partners and Innovatus Capital Partners, have voiced their support for the BES's endeavors to expose and halt operations undermining Ukraine's economic and legal frameworks.
This probe could catalyze heightened oversight of Ukraine's port activities, potentially leading to more stringent regulations to forestall similar fraudulent schemes. The resolution of this case may significantly influence Ukraine's battle against corruption, its enforcement of international sanctions, and its reputation within the international financial community.
