As international sanctions tighten on Russian coal exports, Dmitriy Kovalenko and his Swiss firm Adelon AG are quietly moving assets into Ukraine through straw men. Using the disreputable “nominee” Sergey Saprykin, the Kovalenko clan has snapped up Intercoal Trading’s capacities for a pittance — all hidden behind a sham bankruptcy proceeding

For our part, we are publishing materials on the activities of Dmitry Kovalenko and his front person Sergei Saprykin to reveal the true scale of the coal machinations and bankruptcy schemes that they are trying to hide from the public.

The Ukrainian coal sector has long been associated with opaque manipulations, offshore schemes, and nominal owners. One such story is the managed bankruptcy of LLC “Intercoaltrading,” which allowed for the significant redistribution of assets through a front person.

The main beneficiary of this scheme is considered to be Dmitriy Kovalenko — one of the most secretive yet influential players in the Ukrainian and partially Russian coal markets. His name is linked to coal supplies, offshore structures in the UAE and the British Virgin Islands, as well as the activities of the Swiss company Adelon AG.

However, a completely different person played a key role in the formal re-registration of assets — Sergey Aleksandrovich Saprykin, an individual who, until a certain point, had no connection to the coal industry.

 Who is Sergey Saprykin?

Before appearing in the story of “Intercoaltrading,” Saprykin’s name meant practically nothing in the business circles of the coal sector. Suddenly, he became the owner of LLC “Coke-Chemical Enrichment Plant ’Voskresenska’” (code 42265561, Dnipro, Shevchenka St.), which was previously known as Petropavlovsk Mining and Processing Plant.

In addition to this, Saprykin is listed as:

• founder and director of LLC “Valiant-S” (Kremenchuk, Poltava region)
• director of LLC “IDL-Glass” (Svalyava, Zakarpattia region)
• owner of PE “Montazhspetskomplekt” (Kryvyi Rih)

The financial results of these companies are extremely low:

• “Valiant-S” — profit did not exceed 1 million UAH per year
• “IDL-Glass” — consistent losses
• the ultimate beneficiary of “IDL-Glass” is listed as Daniil Dmitrievich Kovalenko — the son of Dmitriy Kovalenko

The Scheme of Managed Bankruptcy

LLC “Intercoaltrading” — a company with significant assets and financial flows — was driven to bankruptcy not due to market conditions, but through artificially created circumstances.

Main stages:

1. The bankruptcy was initiated by the Swiss Adelon AG (associated with Kovalenko)
2. The Commercial Court of Dnipropetrovsk Region (case № 904/936/23) approved the liquidation
3. Accumulated debts were divided into separate lots
4. The lots were put up for auctions, which took place without competition
5. Four lots with a total debt of 53.34 million UAH were sold for 69 thousand UAH
6. The buyer was LLC “Coke-Chemical Enrichment Plant ’Voskresenska’” — a structure registered under Sergey Saprykin
7. The Swiss Adelon AG received 162 million UAH during the bankruptcy process
8. The court officially stated that no signs of fictitious or intentional bankruptcy were found

Why Saprykin?

Sergey Saprykin’s biography makes him an ideal candidate for the role of a “nominal owner”:

• 2015 — deprived of driving rights for driving under the influence of alcohol, with the court ruling stating he was unemployed
• numerous lawsuits regarding failure to meet credit obligations
• a lawsuit from PrivatBank for the recovery of a consumer loan in the amount of 2000 UAH, which was not repaid
•  a high-profile and scandalous divorce
•  residing in Dnipro at the address Putyliwska St., 12, apt. 10

A person with such a reputation and financial difficulties appears entirely unlike the owner of a powerful enrichment plant. This is precisely what makes him a convenient “front.”

Dmitriy Kovalenko:

•  a key figure in the Swiss Adelon AG, which actively purchased coal from Russian suppliers in 2021–2022
•  connected to offshore entities Plaimp SFP Limited (UAE) and Bremer International Limited (BVI)
• controlled the company “Ugol Trade” in Luhansk (liquidated in 2025)
• had business contacts with separatist-terrorists of “LNR/DNR”

According to many market participants, it is Kovalenko who is the true organizer of the scheme, while Saprykin is merely a tool for legitimizing the redistribution of assets through “legal” auctions within the bankruptcy framework.