Argentem Creek Partners and Innovatus Capital Partners Welcome Verdicts by Ukraine Supreme Court in Bankruptcy Proceedings

[New York, 16 November] Argentem Creek Partners LP (“ACP”), a US-based, emerging market specialist investment firm, and Innovatus Capital Partners (“Innovatus”), a U.S.-based asset management firm, are pleased that the Supreme Court of Ukraine has ruled in favour of upholding the bankruptcy proceedings against Olimpex Coupe International (Olimpex) and MetalsUkraine Corp LTD (MetalsUkraine).

On 15 November 2023, the Supreme Court of Ukraine ruled in the cassation appeal of the former owners of the GNT Group with respect to Olimpex, and on 16 November 2023, the cassation appeal regarding MetalsUkraine. In both instances, the verdict favoured ACP and Innovatus.

Lawyers acting for ACP and Innovatus earlier this week announced they would be filing a complaint with Ukraine’s Supreme Council of Justice over suspected unlawful actions undertaken by a different Kyiv judge in relation to the GNT fraud. [https://www.argentemcreek.com/20231114-argentem-creek-partners-innovatus-capital-partners-call-for-investigation-into-kyiv-judge-over-suspected-unlawful-interference-in-criminal-investigation-of-gnt-group/].

John Patton, Founding Partner and Head of EMEA and Asia at ACP, said:

“We are very pleased with the Supreme Court’s decision; today’s success marks a significant milestone for both Ukraine and its investment landscape. Following some of the recent suspect behaviour elsewhere in the courts system, this is a strong reassurance for Ukraine’s foreign investors. This verdict reinforces the significance of protecting investors and upholding the rule of law, which is crucial for Ukraine’s economic prosperity. ACP is committed to investing in Ukraine and will continue our efforts to ensure that GNT Group is run responsibly, transparently and will contribute to Ukraine’s growth.”

Ana Firmato, Managing Director at Innovatus, added:

“We are very pleased with the Supreme Court’s ruling in relation to the bankruptcy of Olimpex and MetalsUkraine. This outcome will allow both to be managed effectively and become vital assets for Ukraine’s economy.”

The Western Commercial Court of Appeal in Ukraine previously upheld the bankruptcy proceedings for both Olimpex and MetalsUkraine, citing the strong evidentiary basis for the decision.

ACP and Innovatus remain committed to their mission of promoting private investment activism as a means to combat corruption in Ukraine and will continue to invest in projects that align with these objectives.