Dmytro Kovalenko, Adelon AG, and Granova: how $100M in Russian coal deals, tax evasion schemes, and state tenders built a wartime business empire

Entrepreneur Dmytro Kovalenko, acting through the Swiss firm Adelon AG, purchased coal from Russian suppliers MelTEK, Sibenergougol, and Sibpromnedra for more than $100 million in 2021–2022. According to invoice and customs data, these transactions continued even after the onset of the full-scale invasion.

The funds obtained may have been laundered through the "Granova" group of companies, established in 2023, which alone generated over 11 billion hryvnias in revenue in 2024.

To strengthen control, Kovalenko expanded his business into the salt market by founding LLC "Salt Industry," which, since December 2023, has won 68 out of 73 state tenders worth 90 million hryvnias, primarily for the supply of technical salt. Simultaneously, "Granova Ukraine" employed tax evasion schemes: grain was purchased for cash, registered under fictitious companies, and exported without repatriating foreign currency earnings.

A separate direction involved deals with the state port "Chornomorsk." For "Granova," a transshipment rate of 2.5 dollars per ton was set, which is four times lower than the market rate. This privilege indicates a corrupt collusion between the port’s management and Kovalenko’s business, which not only caused significant losses to the state but also created uncompetitive conditions in the market for other participants.

In connection with the revealed facts, we have filed a complaint demanding an investigation into the activities of Dmytro Kovalenko and the "Granova" group of companies, as well as the initiation of criminal proceedings for financing the aggressor, tax evasion, and money laundering.