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Automatically translated version. May contain inaccuracies compared to the original.
A relative of the head of the Ukrainian government, Serhiy Koretsky, created a small drone company and somehow implemented a joint project with a large foreign holding.
The editorial team of 368.media learned about this from materials of the international investigative bureau Absolution.
The prime minister’s wife, Iryna Koretska, has a biological sister — Olena Moruzhko.
A year ago Olena Moruzhko became a co-founder of LLC “Nord Dron Group.” This newly created LLC with a charter capital of 10 thousand UAH almost immediately signed a letter of intent with the American company AIRO Group Holdings Inc. to create a joint venture that would produce 25 thousand UAVs per month.
In April of 2026 Olena Moruzhko already appeared as a co-founder of two companies in the United States — Skywall and Pitch Dynasmics. In all three cases Olena Moruzhko’s partners were Yevhen Kotukh, a Ukrainian cybersecurity specialist, and Chirinjeev Kathuria (Chirinjeev Kathuria), an American businessman of Sikh origin.
Yevhen Kotukh
The AIRO Group Holdings created by Kathuria is not a global tech giant, but it nevertheless has a steady 90 million dollars in annual revenue, plus subsidiaries in Denmark and Canada, and it passed a preliminary qualification with the US and Canadian Ministries of Defense, which opens the way to new drone contracts.
It’s unlikely they would have agreed to cooperate with a Ukrainian no-name firm if they hadn’t been assured that influential officials in Kyiv stood behind Nord Dron Group.
At that time Koretsky was not yet prime minister, but his candidacy was already being considered in the Office of the President as a potential replacement for the weak Yuliya Svyrydenko.
Supporting this version is the fact that the legal support for creating the JV between Nord Dron Group and AIRO Group Holdings was taken on by Asters — Ukraine’s largest full-service law firm.
The same firm where former defense minister Oleksiy Reznikov previously worked and whose lawyers later collected funds for Andriy Yermak’s bail. However, a year passed and the joint venture has not started operating. But now, in the status of prime minister, Serhiy Koretsky has more opportunities to accelerate the process.
In the years 2023–2024 structures associated with Serhiy Koretsky and Olena Moruzhko actively interacted on the petroleum products market. At that time Olena made a tidy profit on fuel.
At that time Koretsky headed the state companies Ukrnafta and Ukrtatnafta. In December of 2022 Moruzhko founded the company “Ukrainian Fuel Standard.” Already by 2023 year this company had won state tenders worth 63 million UAH in revenue, and in 2024 — another 155 million UAH.
Clients of Moruzhko’s company included large customers such as United Mining and Chemical Company, Lesy Ukrainy (Forests of Ukraine), Ukrposhta, Pivdennyi port, Kyiv Metro, the Kyiv Prosecutor’s Office, and others. At many tenders Moruzhko’s firm offered fuel coupons from Ukrnafta, or petroleum products from the Kremenchuk refinery, which is part of Ukrtatnafta, or imports brought in by Ukrnafta’s subsidiary Ukrnafta-Postach. But at a somewhat larger discount than Koretsky’s state companies. However, in 2025 the Ukrainian Fuel Standard sharply scaled back operations, and this year Olena Moruzhko completely withdrew from the company’s list of founders, switching to miltech.
What are the risks and conflicts of interest for Ukraine now?
First, AIRO Group Holdings owns the Danish company SkyWatch, which manufactures reconnaissance drones RQ-35 and is now launching a new model RQ-70. This is AIRO’s main revenue source. Last year it earned approximately 76 million dollars from drone sales in Europe. A significant portion of those were purchased for Ukraine with NATO partners’ money. And if close relatives of the head of the Ukrainian government now have joint business with the owner of SkyWatch, might that not prompt the Ministry of Defense to favor those models?
Second, if AIRO Group Holdings opens a production facility in Ukraine, Koretsky’s government could provide a “green light” for exporting its products. The JV could operate under a scheme already practiced by other manufacturers in Ukraine’s miltech sector: all the flow of components for UAV production passes through firms registered abroad, but most of the profit accumulates on those foreign firms. As noted above, Olena Moruzhko already has such firms in the US.
Third, a year ago the Ukrainian side embellished the facts a bit. At the signing of the agreement with AIRO Group Holdings it was announced that Nord Dron Group manufactures 4 thousand drones per month. Yes, this LLC has a twin company called “Nord Dron,” which really produces FPV drones under the Nord brand.
Judging by their advertising, these are low-cost devices. But that’s not even the point: such UAVs are also needed at the front. The issue is different: Nord Dron’s staff lists only 2 employees, and their annual revenue doesn’t even reach 10 million UAH. That’s not even a thousand inexpensive FPV units—unless the company is not operating entirely aboveboard.
Document: PDF proof of the original version of the news item "Сестра дружини очільника уряду Корецького “інвестує” у дроновий бізнес". It records the publication content at the moment of the first scan, the preservation date and the source: 368.media.
