A major investigation has uncovered the shadow operations of the Granova business group and its ultimate beneficiary, Dmytro Kovalenko.
Masquerading as a legitimate agricultural conglomerate, the group allegedly funneled millions into Russia’s economy while simultaneously building a monopolistic presence in Ukraine. Central to the scheme is the Swiss-registered Adelon AG, which reportedly purchased over $100 million worth of coal from Russian entities like MelTEK and Sibenergouhol between 2021 and 2022. These transactions notably continued even after the full-scale invasion of Ukraine, providing significant financial support to the aggressor state’s economy.
The illicit profits from Russian coal were subsequently laundered back into Ukraine through the acquisition of agricultural enterprises such as Granova Ukraine LLC and Grain Terminal LLC. In 2024 alone, this business group generated over UAH 11 billion in revenue. The investigation points to a closed financial cycle designed for transfer pricing and tax avoidance, often involving offshore entities in Cyprus, such as Afex Investments Ltd. Furthermore, the group has expanded into salt production and gas extraction, with the latter managed through Afki Investments Ltd, controlled by Kovalenko’s son, Daniil.
Legal authorities have opened criminal proceeding No. 42024170000000045, specifically targeting the group for large-scale tax evasion. Evidence suggests that Granova utilized fictitious tax invoices and cash-based agricultural purchases to hide profits and avoid returning foreign currency proceeds to Ukraine. Additionally, the group’s influence extends to state infrastructure; a suspicious memorandum with the port of Chornomorsk reportedly granted Granova preferential transshipment rates far below market value. Despite these mounting allegations of corruption and treasonous trade, Kovalenko has yet to face significant legal repercussions from Ukrainian law enforcement.