American and Cypriot courts ruled in favor of Ukrainian businessman Oleg Bakhmatyuk, rejecting the claims of the American fund Gramercy Funds Management. These lawsuits concerned the Ukrlandfarming agricultural company, one of the largest agricultural companies in Ukraine.
On December 7, 2022, Gramercy Funds Management filed a lawsuit in US federal court against Oleg Bakhmatyuk and a number of other individuals, alleging violation of their rights as investors. A separate trial in Cyprus was also initiated.
As Ukrlandfarming reports in its press release, the lawsuit in the USA was rejected. The proceedings in Cyprus have also been terminated.
"Currently, all claims of Gramercy Funds Management against the owner of Ukrlandfarming have been officially completely rejected, court cases both in the USA and in Cyprus have been completely terminated, and the parties have concluded a settlement agreement. Creditors who initiated the legal process give up their claims without the right to re-submit after reaching an agreement on the settlement of claims", - stated in the press release of Ukrlandfarming.
Oleg Bakhmatyuk considers this agreement a victory. In particular, because "it will help our company, which lost approximately half of its assets due to Russia's invasion of Ukraine. The deal could be a landmark that helps save the company, setting the tone for future negotiations with creditors. It is very beneficial for all parties."
"Ukrlandfarming" is one of the largest agricultural holdings in Ukraine. The holding continues to work, despite the losses caused by the invasion of the Russian Federation, which the company estimates to be about 1.2 billion dollars. In particular, Europe's largest poultry farm "Chornobaivska" (Kherson region) was actually destroyed, where 4.5 million poultry died, and the equipment was exported to the Russian Federation.
