Two Wyoming companies with Prime Minister Koretsky's relative among founders

Shared address in regulator documents

The address 19W060 Avenue Latour in a suburb of Chicago (Oak Brook, Illinois) regularly appears in financial reports submitted to the US Securities and Exchange Commission (SEC). This estate, built in 1974, is listed as the official address of AIRO's Executive Chairman Chirinjeev Kathuria. It is also the registered address of his holding structure New Generation Aerospace, which controls 14.6% of AIRO's shares.

Creation of two companies in Wyoming

A review of registration data revealed that two companies registered in the state of Wyoming are linked to the same address:

• Pitch Dynamics LLC (registration number 2026-001954786) – appeared in the registry on 18 April 2026.
• Skywall LLC (registration number 2026-001960282) – registered on 24 April 2026.

Both structures are in active status. Their formation was carried out through a single registered agent in the city of Sheridan. The composition of founders in both companies is identical:

• Chirinjeev Kathuria – head of AIRO;
• Olena Moruzhko – sister of Serhiy Koretsky's wife;
• Yevgen Kotukh – director of the company "Nord Drone Group".

It is worth noting that Vusatyi is absent from this chain, being the only person in this chain who actually manufactures drones.

Meaning of names and chronology of events

The names of the new companies have a clear aviation and defence connotation. The term "Pitch" in aviation means pitch (angle of inclination of the aircraft), and "Skywall" is the name of a well-known British drone interception system using a net.

Three months after the registration of these structures, on 16 July, Serhiy Koretsky took office as Prime Minister of Ukraine.

Potential conflict of interest

An analysis of AIRO's business model shows that the company's main source of income is its Danish subsidiary Sky-Watch, a manufacturer of the RQ-35 Heidrun reconnaissance drone and the new RQ-70 model. According to the annual report for 2025, drones account for 87% of AIRO's revenue, amounting to $90.9 million. The RQ-35 model is already in use in Ukraine.

The situation is complicated by the fact that the head of the Government's family has a joint business with the head of the supplier. On an investor call, AIRO's CEO acknowledged that the joint venture with "Nord-Drone" has been frozen due to Ukraine's suspension of the issuance of permits for technology transfer. The resolution of this issue now depends on the Koretsky Government.

Risks to financial transparency

Previously, a scheme was recorded where state goods passed through family firms, leaving the margin in them. Now two American companies have appeared that have no production activity, have the home address of the head of AIRO, and include the sister of the Prime Minister's wife among the founders. This could become infrastructure for the passage of components, contracts, and profits of the joint venture outside the scope of Ukrainian and public AIRO reporting.

Currently, the type of activity of Pitch Dynamics and Skywall is not specified in the registry, and operational transactions are not public. However, the dynamics of events indicate a pattern:

• In 2022, when Koretsky headed "Ukrnafta", a fuel company of his wife's sister appeared a month later.
• In 2025, after the signing of an agreement in the US, a drone company with her stake emerged a month later.
• In 2026, two companies in the US appeared with the head of the American partner, and three months later Koretsky became Prime Minister.

If in 2023 a similar scheme cost 75 hryvnias in a tender in Yerkiv, then in 2026 it is a matter of defence contracts funded by Ukraine and its allies.

The main question that remains open for the Cabinet of Ministers, the National Agency on Corruption Prevention, the Ministry of Defence, and the AIRO board of directors: do AIRO's American shareholders realise with whom their leader opened a new business in April 2026.