Russia Goes on the Offensive Against US Investors in an Odessa Port
A tip of the hat to BORZZIKMAN, who broadcast this particular story on his YouTube channel. What were these guys thinking? Or, were they thinking? Read on to find the answers.
On July 14, Volodymyr Zelensky handed over to United States companies, the largest terminal of the Odessa port, Olimpex, following an international legal dispute. The new owners are the American investment companies, Argentem Creek Partners and Innovatus Capital Partners. The price of the transaction was not disclosed. The most interesting part of the deal is how it came about… the previous owner of this terminal, Ukrainian businessman Vladimir Naumenko, was arrested in May 2025 and subsequently convicted of fraud in Ukraine, in a case allegedly involving Ukrainian grain and unpaid debt to the State of 100 million dollars. But that was just the tip of the iceberg.
Volodymyr (Vladimir) Naumenko is a Ukrainian businessman and co-founder of G.N. Terminal Enterprises (GNT), a grain transshipment group that managed the Olimpex and MetalsUkraine terminals in the Port of Odesa. Along with his business partner, Serhiy (Sergei) Groza, Naumenko was a central figure in a major investment dispute involving substantial loans—totaling tens of millions of dollars—provided by US-based investment firms, Innovatus Capital Partners and Argentem Creek Partners.
Naumenko was arrested by Ukrainian authorities in May 2025 on suspicion of fraud and forgery linked to the unexplained disappearance of over 100,000 tons of grain pledged as collateral for these loans. Prosecutors allege that GNT, under Naumenko’s leadership, misrepresented grain stocks and participated in a scheme that involved simulating the destruction of non-existent or unavailable collateral, especially during the chaos following the Russian full-scale invasion of Ukraine. I guess he forgot to grease Zelensky’s palms.
Months prior to his arrest in Ukraine — October 2024 — Naumenko and Groza were sentenced to 21 months in prison by an English High Court judge for violating a Worldwide Freezing Order meant to protect the creditors’ interests. Subsequent legal actions required them to pay approximately $150 million in outstanding debts to Argentem Creek Partners. It looks like neither Naumenko or Groza dared travel to the UK.
So who are the proud, new owners of this port terminal in Odessa? Argentem Creek Partners is 100% employee-owned. The firm was founded in 2015 by Daniel Chapman and his former team from Cargill, Inc.’s subsidiary, Black River Asset Management. Daniel Chapman serves as the Founder, CEO, and Co-Chief Investment Officer. Other key leadership includes Maarten Terlouw, who is President and Co-Chief Investment Officer. The firm is based in New York and operates globally, with a presence in Abu Dhabi, Buenos Aires, London and Minneapolis.
The co-owner, Innovatus Capital Partners, is a privately held investment firm primarily owned and led by its founding partners and key executives. The firm was founded in 2016 by:
David Schiff — Founding Partner, CEO, and Chairman of the Investment Committee.
Andrew Dym — Founding Partner, President, and Chief Risk Officer (CRO).
These two individuals are identified as the founders and principal leaders of Innovatus Capital Partners. Both Schiff and Dym have extensive backgrounds in private equity, credit markets, and asset-based investing. Additional key owners and executives include:
Andrew Hobson — Partner, Chief Financial Officer (CFO), and voting member of the Investment Committee.
Ravi Bhagavatula — Partner and Head of Lower Middle Market Distressed Strategy
Innovatus Capital Partners is a privately held investment firm. Its primary sources of investment capital are institutional investors, including pension funds and similar entities that allocate assets to their private equity and private debt funds.
Notable Types of Key Investors include:
• Public Pension Fund (Chicago, US)
• Private Sector Pension Fund (Atlanta, US)
There is some bad news for Messrs. Chapman and Schiff… the Russian Army launched a missile attack on their new port terminal in Odessa on the night of July 15. Two Russian Iskander-M ballistic missiles — each carrying a 1,000 lb-plus of explosives — destroyed warehouses and offices of the new owners at the Olimpex Port terminal. BORZZIKMAN alledges that President Zelensky regularly transfers Ukrainian property to American foundations and companies. I don’t think the pension funds in Chicago and Atlanta are going to be thrilled to hear this news. Prospects for future grain shipments, at least in the near term, appear dim.
I did three podcasts today — David Oualaaloo, Danny Haiphong, and Marcello: