Argentem Creek Partners challenges control of GNT Group, is linked to a raider scandal, and cooperates with Russian business

30 травня 2024 р., 19:28

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Both Ukrainian and international media have investigated the business model and cases associated with the American company Argentem Creek Partners (ACP). Journalists report that ACP finances companies and countries facing financial difficulties, investing in projects with high-profit potential.

The company is frequently accused of unethical actions against its counterparts. Specifically, Argentem Creek Partners’ counterparts have alleged that, beyond aggressive media campaigns against opponents, ACP may involve local officials and political figures to achieve its aims. ACP is also accused of following a specific pattern: unexpected debt collection demands during a crisis – aggressive media campaigns against the debtor – legal action – transfer of the debtor’s assets to an interested third party. ACP is currently facing lawsuits from Kazakhstan, Indonesian coal miner Berau Coal Energy, Brazilian sugar producer GVO, and others.

Argentem Creek Partners has been working with Ukrainian companies for over ten years, as the domestic high-risk market aligns with the fund’s business model. Since 2013, the creditor has demanded debt repayment from the metallurgical company Interpipe, owned by Victor Pinchuk. Since 2014, ACP has demanded debt repayment from Ukrainian metallurgical giant Metinvest, owned by Rinat Akhmetov.

Since late 2022, the investment fund has been in a corporate conflict with Ukrainian agribusiness holding GNT Group. ACP accuses the agribusiness of violating a credit agreement, while Ukrainian businessmen claim the fund aims to raid the Odesa grain terminal. After the full-scale invasion began, the Ukrainian agribusiness holding was notified of the need for early loan repayment within a day, followed by an aggressive media campaign and legal proceedings.

As noted by Argentem Creek Partners regional partner John Patton, the fund received support from Ukrainian authorities and prosecutors concerning the Odesa grain terminal. Media also report the involvement of David Arakhamia, head of the "Servant of the People" faction, who stated that he met with Argentem representatives in Vienna in November 2022.

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In April 2024, ACP was accused of attempting a hostile takeover of GNT Group’s assets. Allegedly, the company involved Georgian-Moldovan oligarch with a Russian passport, Vazha Jashi, who is accused of having connections with Russian and Georgian criminal groups.

Despite American support for Ukraine in its war against Russia, Argentem Creek Partners cooperates with Russian businesses. Since 2022, the company has had a joint project with ACG Mining Limited (a consulting and investment firm in the mining sector) – ACG Acquisition Company Limited. ACG Mining Limited is managed by Artem Volynets, a former top manager of the Russian aluminum giant Rusal, owned by Oleg Deripaska (sanctioned by the US since 2018 due to Russia’s invasion of Ukraine).

In 2024, Argentem Creek Partners provided a venture loan of $20 million to the Philippine fintech company Salmon, co-founded by Russian businessmen Pavel Fedorov and Georgy Chesakov. Journalists describe Fedorov as the "right-hand man" of Igor Sechin, who worked as vice president of the mining giant Norilsk Nickel and vice president of Rosneft, an oil company 70% owned by Russia. Chesakov built his career at Tinkoff Group, whose main asset, Tinkoff Bank, was included in the European Union’s tenth package of sanctions against Russia in early 2023.