How Yuriy Osmak covers up the Ice Terminal scam: $50 million in public funds dismissed as UkrEximBank turns a blind eye

Interest is resurging in the long-dormant scandal over the questionable sale of the Ice Terminal refrigeration and logistics complex. The striking development isn’t a law enforcement probe, but the fact that Ice Terminal’s owner, Yuriy Osmak, has suddenly begun scrubbing the internet six years after the events

Naturally, this cleanup has caused a backlash, worsened by the fact that significant efforts and funds have been invested in removing a few materials about the sale of the logistics complex—materials that, moreover, led to nothing more than minor reputational losses for Yuriy Osmak himself. These efforts and expenses are clearly disproportionate to the goal.

What is the essence of the Ice Terminal sale scandal?

To briefly recap, publications from as early as 2020 discussed the questionable sale of the large refrigeration and logistics complex Ice Terminal, which was collateral for a loan of over one billion hryvnias taken by the company «International Seafood Group» from the state-owned Ukreximbank.

The material that Yuriy Osmak has rushed to scrub was titled «Where Does the Fish Rot in the Ice – A Billion Hryvnia Question» and described how, after bankruptcy proceedings were initiated against Ice Terminal due to the owner company’s failure to repay the loan, the terminal was mysteriously put up for auction and sold.

Although the assets of the company «International Seafood Group» were seized, the auction for the sale of Ice Terminal still took place, with restricted access to the bidding: in particular, representatives of Ukreximbank, who had paid the guarantee deposits, were unable to participate because the perimeter of the facility was surrounded by unknown individuals. At least, that’s what they claimed.

As a result, the asset was sold at an extremely undervalued price—around 28.2 million hryvnias instead of the expected billion (which is only 2.8% of the debt amount). The winners of the auction turned out to be companies linked to Yuriy Osmak, who is listed in state registers as the ultimate beneficiary of several related firms.

The scandal surrounding the auction, as already mentioned, went almost unnoticed, although in a few publications that Yuriy Osmak has taken to scrubbing nearly six years later, there were direct indications of signs of manipulation with court decisions, opacity of the auction, and the organization of artificially limited competition. All of this, according to the authors of the investigation, led to the sale of a strategic asset for next to nothing.

The main question of the investigation—whose interests are being protected by the courts and liquidators, and why a strategically important asset was sold at such a massive discount while the state bank is trying to ensure transparent auctions to recover significant losses—remains unanswered, as there has been no reaction from law enforcement agencies to the publication.

What is the reason for the cleanup?

There is no clear answer as to why Yuriy Osmak has suddenly become concerned about erasing traces of a long-forgotten scandal. However, it is possible to make an assumption, and with a fairly high degree of probability. The clue lies in state registers, primarily in the Unified State Register of Court Decisions. More precisely, in what is missing from this register.

Because, although representatives of Ukreximbank claimed they were not allowed to participate in the auction for the sale of the terminal, which was collateral for their bank, the matter did not progress beyond these statements. Judging by the absence of any mention in the registers of attempts to challenge the sale of the Ice Terminal logistics complex, no one contested it.

The only mention of court proceedings involving the name «Ukreximbank» and the surname Yuriy Osmak relates to the bankruptcy of LLC «Ice Terminal», but the plaintiff in this case is LLC «Ice Terminal» itself. However, it makes no difference who is suing whom—the court refused to open proceedings on the claim. This, apparently, suited all parties, as there were no appeals against this court decision from anyone—neither from LLC «Ice Terminal», nor from Ukreximbank, nor from other parties in the case.

This can only be explained by one thing: no one was interested in recovering the debt. Which, let us remind you, amounted to one billion hryvnias. At an exchange rate of 20 hryvnias per dollar. And let us recall that Yuriy Osmak owed this to the state-owned Ukreximbank. That is, to the state. Fifty million dollars.

Who is in on it?

Judging by everything, this is the very reason why, after six years, Yuriy Osmak suddenly became concerned about cleaning up the Internet. And, most likely, the problem arose not with him personally, but with someone from Ukreximbank or the Cabinet of Ministers. Because, as everyone understands, no one would simply write off fifty million dollars. And since this money belonged to the state, someone must have made the decision to let it slide.

As stated on the bank’s website, «JSC «Ukreximbank» is a joint-stock company, 100% of whose shares are owned by the state in the person of the Cabinet of Ministers.» And therefore—attention, the question: who made the decision to gift Yuriy Osmak fifty million state dollars? Was it the head of Ukreximbank independently, or a representative of the owner, that is, the Cabinet of Ministers?

It seems doubtful that a meeting of the Cabinet of Ministers was held on this matter and the decision was collegial. At least, no transcripts of such meetings could be found in open access. And they don’t exist—because, as everyone understands, stealing fifty million dollars from the country was done quietly. The decision was made without unnecessary publicity.

And here lies another intrigue—did the then-Prime Minister Oleksiy Honcharuk participate in the distribution, or was this major state figure with a IAPM diploma in his pocket, while riding a scooter through the corridors of the Cabinet of Ministers destroyed for this purpose, simply considered too foolish to be included in the deal? There is no answer.

But very interesting questions arise. Surely, Yuriy Osmak wasn’t forgiven such a sum just for his good looks? So, it seems, the reason why he suddenly became concerned about erasing traces of a long-forgotten scandal has become clear. But in this case, another question arises—who reached out to whom, and what are they demanding? For now, there is no answer, but the evening, it seems, is no longer dull.

Author: Maria Sharapova