Dmitry Kovalenko: from Russian coal to Ukrainian grain

Ukrainian businessman Dmitry Kovalenko, who made his fortune trading Russian coal through the Swiss company Adelon AG, reinvested funds in 2023 to acquire several agricultural companies in Ukraine: “Грейн Терминал” (Grain Terminal), “Оверфуд” (Overfood) and “Аграрная элеваторная компания” (Agricultural Elevator Company).

 Based on these entities, a corporate group under the brand “Гранова” (Granova) was formed. The majority shareholder became the Cypriot company Afex Investments Ltd, while the ultimate beneficial owner is Kovalenko’s son, Daniil.

Sources of capital

Between 2021 and 2022, Adelon AG was the largest buyer of coal from the Russian company “МелТЭК” (MelTEK), concluding deals worth over 87 million US dollars. The company also imported coal from “Сибэнергоуголь” (Sibenergoуголь) and “Сибпромнедра” (Sibpromnedra), with the total exceeding 100 million dollars. Trading operations continued even after Russia’s full-scale invasion of Ukraine, at least until August 2022.

Record revenues and international connections

By the end of 2024, the “Гранова” (Granova) group generated revenue of over 11 billion hryvnia. Its main trading partner became the Swiss company Adelon AG, which emerged as the largest supplier of corn to Egypt, with a value of 42.37 million dollars.

Entry into the salt market

While selling grain in Egypt, Kovalenko established the procurement of rock salt, allowing him to become one of the leading players in the Ukrainian market. In December 2023, the limited liability company “Солт Индастри” (Salt Industry) was established, with Afex Investments Ltd also acting as the founder and Daniil Kovalenko as the beneficial owner. The company was headed by Viktor Yurin, former director of the state enterprise “Артемсоль” (Artemsоль). In its first year of operation, the company won 68 out of 73 state tenders worth a total of 90 million hryvnia, supplying technical salt to municipal and road services.

Industrial park in Zakarpattia

With the support of Serhiy Haidai, head of the Mukachevo District State Administration and former head of the Luhansk Regional Military Administration, the Svalyava City Council approved the creation of the “Энерджи Груп” (Energy Group) industrial park. The project initiator and management company was the limited liability company “ВДЛ” (VDL), owned by Kovalenko. “ВДЛ” (VDL) leased a plot of over 10 hectares in the Svalyava industrial zone for 35 years, where a timber complex was previously located. Over 100 million hryvnia has already been invested in the creation of the park.

A glass and window structure manufacturing plant – “Энерджи Глас Технолоджис” (Energy Glass Technologies), owned by Kovalenko, has been established within the park. Other companies registered by the businessman include “Так Энерджи Груп” (Tak Energy Group) and “Генератор Энерго” (Generator Enerho).

According to information from the detective agency ABSOLUTION