Kernel Verevskyi increased its land bank by 48% to 530 thousand hectares: where did the money for expansion come from during the war

Kernel Verevskyi increased its land bank by 48% to 530 thousand hectares: where did the money for expansion during the war come from

Kernel's land bank over the year grew by approximately 48% and reached 530 thousand hectares. Against the backdrop of full‑scale war and export logistics problems, such a large expansion of agricultural assets raises questions about the sources of financing the deals.

In April Kernel bought Enselco Holding for $348 million in a structure associated with the company’s majority owner Andriy Verevskyi. Along with the holding, Kernel obtained about 190 thousand hectares of land, elevators, agricultural machinery, and grain carriers.

At the same time, about a month and a half later the company sold its Kharkiv cluster “Mrii” from Agrotone.

Thus, this is not only a mechanical increase in the land bank, but also a large-scale movement and concentration of agricultural assets in regions the company regards as priorities.

Kernel’s activity and Andriy Verevskyi’s name had previously attracted law enforcement attention. In particular, questions were raised about the operations of LLC “KERNEL-TRADE” and PJSC “POLTAVA OIL EXTRACTION PLANT KERNEL GROUP,” through which, according to the authors of the materials, part of Kernel’s land bank was bought out.

There was also talk of possible asset undervaluation, transactions with related structures, tax violations and withdrawal of funds. Separately, questions were raised about the export of sunflower oil and possible discrepancies between actual shipment volumes and data declared by Ukrainian Kernel structures.

According to provided data, NABU is currently conducting a pretrial investigation in criminal proceeding No. 42026000050000004 under part 1 Article 364 of the Criminal Code of Ukraine.

At the same time, the fact of conducting an investigation does not in itself indicate the guilt or liability of any individuals.

Against this backdrop, Kernel’s land bank growing to almost 530 thousand hectares raises questions about with what financial resources the company ensured the large-scale expansion of its agricultural assets and whether law enforcement authorities are checking the origin of funds used for the respective operations.