Corporate Wars and Tax Evasion: all about Groza and Naumenko's Business Style

Odessa businessmen Sergey Groza and Vladimir Naumenko own the well-known agricultural holding GNT Group. Until recently, all that was known about it was that companies were engaged in grain exports, and entrepreneurs operated the Olympex grain terminal. However, after the international scandal involving Groza and Naumenko attracted the attention of the media and law enforcement, it became known that businessmen most likely earned their fortune not quite honestly, writes UNN.

In 2019 and 2021, Groza and Naumenko took loans from American investment funds for the development of the Olympex terminal secured by corporate rights and property of the same terminal. After creditors realized that Ukrainian businessmen were not just not going to repay the loan, but were also trying to deceive the system with a fictitious sale of property, an international scandal broke out around Olympex.

Now the dispute between American funds and Groza and Naumenko is being considered by several international courts, including in England and Cyprus. Moreover, as part of the litigation, the London court froze the assets of Ukrainian businessmen.

In addition, Ukrainian law enforcement officers, upon application on behalf of American investors, opened a criminal case against Groza and Naumenko under the articles appropriation or embezzlement of property by a group of persons on an especially large scale, countering legitimate economic activities, arbitrariness, illegal actions with collateral, non-compliance with a court decision.

As follows from court materials, companies controlled by Groza and Naumenko conducted business with the famous smuggler Vadim Alperin, against whom the NSDC imposed sanctions in 2021 and who was stripped of his Ukrainian citizenship. At the same time, they did not just ship grain to his company "Agiros" at the Olympex terminal controlled by them, Alperin with a very high probability helped businessmen illegally export corn to Egypt and most likely it was exactly the grain that Groza and Naumenko transferred as collateral to the American fund and then they announced its disposal due to alleged product damage. It is worth noting that Groza and Naumenko have not yet received notification of suspicion in this criminal case.

Also, during a closer study of the activities of companies from the orbit of Odessa businessmen, it turned out that working with Agiros may not be their only experience with sub-sanctioned enterprises.

In general, according to UNN, there is an extensive network of companies with Russian roots in Ukraine.  At first glance, inconspicuous companies that are part of or doing business with the GNT Group holding of Odessa businessmen Sergei Groza and Vladimir Naumenko work in the agricultural sector, which is now of strategic importance from the point of view of filling the budget of our country, in respect of which Russia has decided to unleash a large-scale war.

UNN also found out that the companies controlled by Groza and Naumenko collaborated with the corporation Black Sea Commodities Trading Limited, which fell under the Ukrainian sanctions in early April 2021.

This love of working with an aggressive neighbor can be explained by the fact that Sergei Groza's wife most likely has Russian citizenship , because during the registration of companies, she indicated St. Petersburg of the Russian Federation with her address. By the way, Serhiy Groza may also have dual citizenship in violation of the Constitution of Ukraine, because he indicates Cyprus with his registration address.

At the request of UNN, the NSDC Staff reported that they were ready to consider imposing sanctions against Groza and Naumenko after receiving appropriate proposals from the SBU.

Several more criminal proceedings involving companies controlled by Odessa businessmen indicate that gray grain imports are a common thing at the Olympex grain terminal.

According to the investigation, companies controlled by Groza and Naumenko used the details of "risky" enterprises to evade taxes and gray grain exports. According to experts, buying agricultural products for cash and using shell companies is the most common tax avoidance scheme.

Experts note that, together, work with sub-sanctioned companies and gray grain exports should not only be investigated by law enforcement, but also lead to the fact that the activities of Groza and Naumenko will be terminated, and they themselves will fall under sanctions. 

Now it becomes clear how two Odessa businessmen managed to make a considerable fortune and develop their business to the level of international investment.