“Ukrlandfarming. Photo: espreso.tv
In the latest news from the financial world, it has become known that the claims of Gramercy Funds Management LLC against UkrLandFarming agricultural holding and its owner, Ukrainian businessman Oleg Bakhmatyuk, have been finally dismissed. The court’s rulings are final and not subject to appeal, according to the press service of UkrLandFarming.
The cases brought by Gramercy Funds Management LLC also involved other individuals, including Nicholas Piazza, Alexander Yaremenko and a number of companies. Following the court hearings, all the claims were voluntarily withdrawn, which gave rise to a confidential settlement agreement.
Litigation in the USA and Cyprus
As a reminder, Gramercy Funds Management LLC filed a lawsuit in the US federal court on 7 December 2022 against Oleg Bakhmatyuk and investor Nicholas Piazza. In addition, a parallel lawsuit was initiated in Cyprus. All legal proceedings relating to these claims have now been officially closed, and the agreement allows the creditors who have commenced the litigation to waive their claims.
Oleg Bakhmatyuk, Ukrlandfarming’s shareholder, praised the agreement as a positive step, stressing that it not only closes the issue of possible reopening of the case but also has the potential to improve the situation in the business, which has suffered serious losses due to the war in Ukraine. “This agreement can be an important milestone that will pave the way for positive negotiations with creditors,” the businessman said.
The impact of war on agribusiness
“Ukrlandfarming is one of Ukraine’s leading agricultural holdings that continues to operate despite the significant damage caused by Russian aggression. In particular, the largest poultry farm in Europe, Chornobaivska, located in Kherson region, suffered significant losses: 4.5 million poultry were killed and equipment was taken away by the occupiers.
In addition, other poultry farms in different regions of Ukraine have also been destroyed, looted or seriously damaged by the hostilities. The total losses for the agricultural company are estimated at around USD 1.2 billion, which demonstrates the scale of the destruction caused by the aggressor.
Thus, the settlement agreement between Gramercy Funds Management LLC and Oleg Bakhmatyuk, despite all the challenges, may become a new stage in the recovery of agribusiness in Ukraine. We hope that this is a positive signal for other businesses that continue to struggle in the face of military aggression.
