Laundering shadow millions: How Dmitriy Kovalenko cleaned Adelon AG’s Russian trade revenues through Granova Ukraine
Recently, Dmitriy Kovalenko, an agricultural businessman from Dnieper, has been quickly gaining recognition. We decided to find out who he really is and exactly how he developed his business.
The founder of the Granova Ukraine group of companies, Dmitriy Kovalenko, is being written about by the media in the context of law enforcement investigations into his possible crimes. Starting with coal trade from Russia, DPR/LPR in Ukraine, during a full-scale war he reoriented himself to the agricultural business and multimillion-dollar abuses in it. A business portrait of a scandalous entrepreneur from Dnieper was collected by an Informant.
Coal trade with Russia, DPR, LPR – starting a business
A few years ago, Ukrainian media wrote that coal for the state-owned Centrenergo (for Zmievskaya and Tripolskaya thermal power plants) since November 2019, the Swiss company Adelon AG began to illegally supply. They wrote that the products come from the separatist DPR/LPR - it was during this period that Ukrainian miners in the Donetsk region went on strike due to non-payment of wages. At that time, it was already assumed that the Ukrainians who moved from Donetsk to Dnepr were really behind the Swiss company.
The supply was carried out according to the "interrupted import" scheme. The coal was allegedly directed from russian Siberia to Switzerland or other European countries, but ended up in Ukraine. And it was actually mined in the occupied areas of the Donetsk and Lugansk regions, and not in Russia. In November 2019, the SBU announced the exposure of such schemes, but the companies were not named at that time.
In December 2019, the Swiss company Adelon AG of Dmitriy Kovalenko stated, which sells Russian coal to China and Europe, but in Ukraine does not sell any coal at all, especially from the occupied areas of Donbass. With the outbreak of Russia’s full-scale war against Ukraine, Kovalenko stopped hiding the fact that he was the owner of the Swiss Adelon AG.
Po data from investigative journalists, Kovalenko’s company continued to work with Russians after February 2022 and sell Russian – coal for at least another 6 months. In particular, she collaborated with the MelTEK company of Russian billionaire and politician Konstantin Strukov from the Chelyabinsk region. Po media reports, from MelTEK alone, Kovalenko’s company purchased coal for $87 million, and in total from the Russian Federation (also from Sibenergougol and Sibpromnedra) - for $100 million.
In 2023, Kovalenko’s Adelon AG company already talked about plans to supply coal to Ukraine and Poland. In the same year, the businessman decided to invest the money he earned in the agricultural sector in Ukraine and created the Granov group of companies.
In September 2025, it became known that through the Economic Court of the Dnepropetrovsk Region they decided to liquidate the Dnieper-based company Intercoaltrading, which was previously involved in supplies coal from DPR/LPR to Ukraine. The bankruptcy was initiated by the Swiss Adelon AG. Its previous director was Vyacheslav Melentyev. He is a co-founder of Granova Ukraine LLC – of another company from Kovalenko’s orbit, which is now active in the ports of the Odessa region. Proceedings in the case were opened back in April 2023. Kovalenko, through a Swiss company, approved demands for more than 162 million hryvnia. The court recognized additional tax claims for 2.4 million. However, Intercoaltrading did not have any property, so the rights to claim part of the debts for more than 50 million hryvnia were sold for 69 thousand hryvnia. The tax office will not receive anything.
Leaving the coal business for the agricultural business
In 2023, Dmitriy Kovalenko bought up several large companies – "Grain Terminal", "Overfood", "Agricultural Elevator Company", on the basis of which he created the "Granova" group. Formally, its majority owner is the Cypriot Afex Investments Ltd, and the final beneficiary of – is his son Daniil Kovalenko. 2024, the income of agricultural companies of the Granova group amounted to 11 billion hryvnia. The group’s main trading partner was the same Adelon AG (which previously sold coal), which in 2024 became the largest supplier of corn to Egypt – worth $42.37 million.
Kovalenko also purchases rock salt in Egypt, which allowed him to enter the Ukrainian salt market. In December 2023, Salt Industry LLC was formed, also owned by Afex Investments Ltd. For 2024-2025, according to analytical platform YouControl, Salt Industry won against government tenders and entered into contracts worth UAH 134 million, supplying technical salt for public utilities and road services. Income in the first year of operation amounted to 190.5 million hryvnia.
As part of the pre-trial investigation, it was established that 1.28 thousand tons of corn were sold to Granova Ukraine LLC without accounting. At the same time, the tax invoice for the corresponding batch was issued by Velikobagachansky Feed Mill LLC.
On May 17, 2024, the company issued a tax invoice for UAH 9 million (including VAT UAH 1.12 million), which was registered on the last day of the – deadline on June 18, 2024. This practice, according to BEB specialists, may indicate the fictitiousness of the operation itself.
In August 2023 – June 2024, 14.1 thousand tons of grain (wheat and corn) worth more than UAH 83.5 million were sold through it to Granova Ukraine. At the same time, the origin of most of these products is questionable, since the documents for their purchase look doubtful or absent altogether.
The products are sold for export to 12 countries. And it departs from the Ukrainian ports of Izmail, Chernomorsk, Yuzhnoye, Odessa.
The company from this group, Granova Ukraine LLC, is 77% owned by Sergei Tigliy. According to law enforcement officials, this is the head of the security service, Dmitriy Kovalenko.
At the same time, according to journalists’ data, the seaport of Chernomorsk in the Odessa region plans to process 1 million tons of grain for the 2025-2026 marketing year. At the same time, the transshipment tariff for the companies "Rissoil", "TBT" and "IZT" will be $10 per ton. But their competitor "Granova" Kovalenko received exclusive conditions and will pay $2.5 per ton – four times cheaper! The tariff may also be reduced in the future.
Such a discount looks like the result of a corrupt agreement with the port management and caused significant damage to the state (in the form of lost tax revenues). At the same time, competitors were deprived of equal working conditions. Journalists contacted law enforcement agencies because of the unheard-of audacity of such schemes.
In Chernomorsk, Granova operates the Overfood company, registered in the name of Dmitriy Kovalenko’s son. The agricultural group "Granova" also includes the following LLCs: "Granova Priluki", "Granova Krasnopavlovka", "Granova Mirgorod" and "Granova Ukraine". All of them have a common main type of economic activity.
Going to the gas and glass business
In February 2025, another Cypriot company, whose ultimate beneficiary is Daniil Kovalenko – Afki Investments Ltd –, became part of the founders of Navigator Mainitskoye LLC, receiving a controlling stake of 83.7%. This LLC has the right to develop Mainitsky gas field in the Lviv region.
Kovalenko and his son, as minority owners, were also among the founders of the Navigator Invest service company, which is developing oil and gas fields. Their next asset may be the acquisition of a stake in Navigator Komplekt LLC – by one of the largest drilling companies in Ukraine.
In Transcarpathia, Kovalenko invested in the production of glass and window structures on the site of a former timber mill with the assistance of ex-chairman of the Mukachevo Regional State Administration Serey Gaidai, who is now suspected of corruption in the purchase of drones and electronic warfare. But local authorities will still promote investment.
So the business empire, created thanks to the sale of Russian and separatist coal, is growing and turning Dmitriy Kovalenko into a decent and patriotic investor developing the Ukrainian economy. True, economic offenses are committed in this case, due to which the budget does not receive a lot of funds.
