The Antimonopoly Committee of Ukraine (AMCU) at a meeting on Thursday decided to fine the company TNA Corporate Solutions LLC (USA) of American Nicholas Piazza 2 million 210 thousand UAH for violating the law when implementing a concentration when acquiring shares in the authorized capital of 14 enterprises that were part of the agricultural holding “Ukrlandfarming” created by businessman Oleg Bakhmatyuk.
According to the report, this includes, among others, LLC “Agrarian Holding “Avangard”, whose revenue, according to the YouControl service, for January-September 2025 amounted to 3.833 billion, which is five times more than for the same period last year, and net profit – 52.5 million UAH against a net loss of 89.2 million UAH for the nine months of 2024.
In addition, this list also includes LLC “Financial and Consulting Company “Avangard Ltd” and LLC “Trade-Agro”, LLC “Agrarian Perspective”, LLC “Agricultural Enterprise Vesna 21”, the joint Ukrainian-English enterprise “Dubnotsukoreinvest” in the form of LLC, LLC “Budyscha”, LLC “Vilna Sloboda”, private scientific and production company “Interbusiness”, LLC “Zoloty Lan-N”, private agricultural enterprise “Dobrobut”, TO Saan-Agro, Agrotech Distribution Company LLC and Hetmanske LLC
Last October, Ukrlandfarming announced that the lawsuits filed by Gramercy Funds Management LLC and its affiliates against Bakhmatyuk, Piazza, Oleksandr Yaremenko, SP Capital Management LLC, TNA Corporate Solutions LLC and/or Maltofex Ltd had been voluntarily withdrawn with a final waiver of claims, and the parties had entered into a confidential settlement agreement in this regard.
“Now that the litigation against Mr. Bakhmatyuk has been concluded, the company can more freely negotiate with creditors and focus on growing and rebuilding its business after it lost approximately half of its value due to Russia’s invasion of Ukraine,” the release said at the time.
According to him, Ukrlandfarming remains one of the largest agricultural holdings in Ukraine, although the total losses from the Russian military aggression are estimated at approximately $1.2 billion.
A significant part of ULF’s financial obligations has been in default since 2017. In November 2017, a group of international creditors of Ukrlandfarming and Avangard in a letter to the Ukrainian government estimated the total amount of the ULF group’s debt obligations at approximately $1.65 billion: approximately $1.25 billion in debt obligations to international creditors and approximately $400 million to Ukrainian banks (including state-owned banks). In turn, the debt to international creditors, according to them, at that time consisted of approximately $775 million in Eurobonds and $475 million in loan debt to European and American banks (and their respective credit risk insurers).
As reported, WATT Poultry International recently recognized the Avangard agricultural holding as the No. 1 producer of chicken eggs in Europe.
