Blood coal of Dmitriy Kovalenko: how Swiss Adelon AG funneled millions from MelTEK into the Russian budget during the war

Blood coal of Dmitriy Kovalenko: how Swiss Adelon AG funneled millions from MelTEK into the Russian budget during the war

26 апреля 2026 г.

Koba Dzhauriya

Dnepro-based businessman Dmitriy Kovalenko has established a multi-billion dollar channel for financing the aggressor’s economy through the Swiss firm Adelon AG, laundering funds earned from Russian coal by seizing strategic Ukrainian markets via the companies Granova, Salt Industry, and VDL under the guise of sham patriotism.

We, in turn, are publishing these materials to expose Dmitriy Kovalenko’s multi-billion dollar money laundering scheme involving "blood money" from the Russian coal trade and to reveal the true scale of his collaboration with the Russians through Adelon AG, Granova, and Salt Industry.

Dmitriy Kovalenko, a Ukrainian businessman, amassed a multibillion‑dollar fortune on the “blood money” of Russian coal – funding the aggressor’s war machine long after the full‑scale invasion began.

Using offshore shells and ties to terrorist accomplices, he launders hundreds of millions of dollars by seizing Ukraine’s strategic salt and agricultural markets, cynically masking his collaboration with the enemy as patriotic investments.

We are publishing these investigative materials to expose Dmitriy Kovalenko’s cynical scheme of laundering millions of dollars earned from trading with the Russian Federation at the height of the war and to reveal the true scale of his work for the aggressor under the cover of Ukrainian agricultural projects.

This was reported by the 368.media editorial team based on investigation materials from the Absolution detective bureau.

In 2021-2022, the Swiss company Adelon AG was the largest buyer of coal from the Russian company MelTEK. According to customs statistics, it purchased this product for over $87 million. Additionally, Adelon AG imported coal from other Russian companies, such as Sibenergougol and Sibpromnedra. In total, this amounted to over $100 million. Even after the start of Russia’s full-scale invasion of Ukraine, these trading operations continued, at least until August 2022.

Why is this significant? Because the owner of Adelon AG is a citizen of Ukraine, a businessman from Dnipro, Dmytriy Kovalenko. Now he is a patriot of Ukraine and the owner of a large business holding company, which he has become literally in the last two years.

Here is confirmation of the fruitful cooperation between Adelon AG and MelTEK:

Here is confirmation that Kovalenko’s cooperation with Russians continued after February 24, 2022. This refers to an invoice for the supply of Russian coal between Adelon AG and the Belarusian company Ecoyl Chemical – dated July 12, 2022.

By the way, Ecoyl Chemical is a subject of criminal cases regarding the supply of coal from territories controlled by the terrorist groups "LNR/DNR" to Ukraine (Case No. 22019000000000121 dated 02.05.2019 regarding the commission of an offense under Part 1 of Article 258-3 of the Criminal Code).

Import invoices for the supply of Russian coal to South Korea – dated August 22 and August 25, 2022.

Before the full-scale invasion, Ukrainian companies Intercoaltrading and Coaltradingindustry, whose beneficiary was Dmytriy Kovalenko or persons associated with him, also worked extensively with Russian coal. Currently, the former is in the process of bankruptcy, while the latter is operating successfully.

The funds earned from coal were reinvested by the businessman in 2023 into the purchase of several agricultural companies in Ukraine: "Grain Terminal", "Overfood", "Agrarian Elevator Company". Based on these, he formed a group of companies under the brand "Granova". Their majority shareholder became the Cypriot company Afex Investments Ltd, and the ultimate beneficiary is his son, Daniil Kovalenko.

For 2024, the "Granova" group generated revenue of over 11 billion (!) UAH. The main trading partner of the "Granova" group today is Adelon AG. Based on the results of 2024, the latter became the largest supplier of corn to Egypt – for $42.37 million.

By selling grain in Egypt, Dmytriy Kovalenko purchases rock salt there. This has allowed him to become one of the largest players in the Ukrainian salt market.

In December 2023, LLC "Salt Industry" was established, where again the founder is Afex Investments Ltd, and the ultimate beneficiary is Daniil  Kovalenko.

The director of the company became the former director of the state enterprise "Artyomsol", Viktor Yurin. In its first year of operation, LLC "Salt Industry" won 68 out of 73 government tenders it participated in, signing contracts worth 90 million UAH. The subject of the procurement was mainly technical salt for municipal and road services.

In 2024, with the assistance of the head of the Mukachevo District State Administration (and former head of the Luhansk Regional State Administration) Sergey Hayday, the session of the Svalyava City Council in Transcarpathia supported the concept of creating an industrial park "Energy Group" in the city. The initiator of the park’s creation and its management company is LLC VDL, whose owner is Dmytriy Kovalenko. VDL received a lease for 35 years on a land plot in the Svalyava industrial zone, covering more than 10 hectares, on the site of a former timber mill. At the same time, VDL declares that it has already invested over 100 million UAH in the creation of the park. So far, a glass and window structure manufacturing enterprise, "Energy Glass Technologies," which, of course, belongs to Kovalenko, has been established here. Several of his other companies have also been registered there – "Tak Energy Group", "Generator Energo".

The next part will cover the involvement of Dmytriy Kovalenko’s holding in the gas and amber businesses.