Controlled bankruptcy and a “pound” with a €2,000 loan: how Dmytro Kovalenko siphoned assets from Intercoaltrading through a front man, Serhiy Saprykin

How two resourceful Ukrainian businessmen brought down the powerful company «Intercoaltrading».

While the notorious “coal king” Dmytro Kovalenko has long been a well-known figure both in Kyiv and internationally, the name Serhiy Saprykin remains largely unfamiliar to the public. At the same time, multimillion-dollar enterprises are registered under his name, including the coke-chemical enrichment plant «Voskresenska», which until recently operated under the name Petrovske Mining and Enrichment Combine.

Despite this, Saprykin has never had any connection to the coal industry. His business biography consists of diverse firms in the Poltava region, enterprises in the glass and installation sectors, as well as a series of lawsuits, issues with creditors, a high-profile divorce, and scandals involving drunk driving.

It is precisely such a figure that became a convenient «screen» for Kovalenko. The story of the bankruptcy of LLC «Intercoaltrading» demonstrates a well-rehearsed scheme of controlled asset withdrawal, where formal owners and fictitious buyers played a key role.

Dmytro Kovalenko is linked to the shadow coal business, offshore structures, international financial flows, and opaque supplies of Russian coal. His business network spans jurisdictions from Switzerland to the UAE and the British Virgin Islands — and it is in this context that the story with «Intercoaltrading» appears not as a coincidence but as a logical link in a systemic scheme.

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One of the shadowy figures in Dmytro Kovalenko’s affairs was Serhiy Saprykin — a person who had no connection whatsoever to the coal industry but suddenly found himself in the role of owner of a company that acquired the assets of a bankrupt entity.

The company «Intercoaltrading», which possessed significant financial and material resources, was driven to bankruptcy not due to objective market factors but through the artificial accumulation of debts. Obligations were deliberately fragmented, claims were split into separate lots and put up for auction, which only superficially appeared legal.

In reality, these auctions took place not only without any competition but also with a predetermined outcome.

Lots with debts amounting to tens of millions of hryvnias were sold for laughable sums, which may indicate the controlled nature of the process. The buyer of the assets was the already mentioned LLC «Coke Chemical Enrichment Plant “Voskresenska”», located in Dnipro on Shevchenka Street.

LLC «Coke Chemical Enrichment Plant “Voskresenska”» (EDRPOU 42265561, Ukraine) was registered under Serhiy Saprykin.

LLC «Coke Chemical Enrichment Plant “Voskresenska”» (EDRPOU 42265561, Ukraine) turned out to be a completely unfamiliar name in the coal market. Serhiy Saprykin did not appear in the registers of coal industry enterprises, related sectors, or investment projects.

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His sudden appearance as the owner of such an asset coincided precisely with the bankruptcy procedure of LLC «Intercoaltrading» — and ended just as quickly. Such rapidity is a characteristic sign of nominal participation.

The initiator of the bankruptcy was the Swiss company Adelon AG, which belongs to Dmytro Kovalenko.

Dmytro Kovalenko achieved the bankruptcy of LLC «Intercoaltrading» through legal mechanisms. The Commercial Court of Dnipropetrovsk region in case No. 904/936/23 approved the liquidator, the liquidation balance, and closed the bankruptcy proceedings of the company.

Through his Swiss firm, Kovalenko received 162 million hryvnias. Separately, the court allocated 2.4 million hryvnias for inventory and official requests to state authorities, which were included in the case materials. Simultaneously, several lots were sold at auctions: four lots with a total debt of 53.34 million hryvnias were sold for just 69 thousand hryvnias.

Despite this, the court concluded that no signs of fictitious or intentional bankruptcy were found, explaining everything as «obvious financial difficulties».

At the same time, the figure of Serhiy Saprykin clearly reveals the role of Kovalenko himself — the key person behind the Swiss company Adelon AG, which in 2021–2022 purchased coal from several Russian suppliers. He is also linked to structures registered in offshore jurisdictions such as the UAE and the British Virgin Islands.

It is Kovalenko who is called the organizer of the scheme, within which the assets of «Intercoaltrading» were redistributed among affiliated structures under the guise of bankruptcy auctions. Against this backdrop, Serhiy Saprykin’s biography is telling: it in no way corresponds to the role of an owner of a mining and enrichment enterprise, even considering that he is formally listed as the owner of LLC «Valiant-S» in Kremenchuk in several roles.

Information about the company «Valiant-S»: Serhiy Saprykin is listed as its founder. He is also listed as the general director of the company «Valiant-S».

Saprykin was also allegedly the owner of PE «Montazhspetskomplekt» in Kryvyi Rih and held the position of director at LLC «IDL-Glass». Importantly, none of these companies demonstrated positive financial results.

The profit of LLC «Valiant-S» did not exceed 1 million hryvnias per year for a long time. The company «IDL-Glass» consistently records losses, and its ultimate beneficiary is listed as Danylo Kovalenko — the son of Dmytro Kovalenko. Serhiy Saprykin, meanwhile, was listed as the general director of «IDL-Glass», which is located in the town of Svalyava, Mukachevo district, Zakarpattia region.

This is another fact that points to the controlled nature of the management. Dmytro Kovalenko’s son appears in Russian registers: he worked in Donetsk until October 14, 2025, after which he ceased activities due to a decision made.

It should be noted that Dmytro Kovalenko himself also operates in both occupied Luhansk and occupied Donetsk. LLC «Intercoaltrading» conducted activities in the territories of the so-called «LPR» and «DPR», and besides this company, Dmytro Kovalenko also owned LLC «Ugol Trade», registered in occupied Luhansk. This company was liquidated almost a year ago.

It would be interesting to find out why the organization was suddenly liquidated specifically in February 2025.

Greetings from PrivatBank

Returning to the notorious figure of Saprykin: additional details about his profile emerge from an analysis of court registries. Serhiy Oleksandrovych Saprykin is registered in the city of Dnipro at the address: Putyliwska Street, building 12, apartment 10.

In 2015, a court stripped him of his driver’s license for driving under the influence of alcohol. The court ruling also noted that at that time, Saprykin was unemployed. His surname also appears in materials related to a high-profile divorce.

Separately, it is worth mentioning a lawsuit by PrivatBank for debt recovery: it turned out that Saprykin took out a consumer loan of 2,000 hryvnias — and never repaid it.

This unfortunate fact completely shatters the beautiful legend of Saprykin as a «big businessman», supposedly capable of independently purchasing and managing assets in the coal industry, including an entire plant like «Voskresenska».

The conclusion is obvious: Serhiy Saprykin is neither an investor nor an independent player. His role in this bankruptcy story is purely nominal. He appears exactly when needed: formally registers assets under his name — and disappears until the next necessity arises.

All real decisions and financial flows are, without a doubt, concentrated in the hands of Dmytro Kovalenko.

The scheme is simple and cynical: find an unemployed character with microloans at PrivatBank — and use him as a screen for controlled bankruptcy. Formally — everything is clean. And, as they say, not even a mosquito could find fault.