An increasingly disturbing story is unfolding around the company "PHARMASEL", one of the Ukrainian drug manufacturers.
A company that markets several dozen drugs, 14 of which are included in the National List of Essential Medicines, is at risk of bankruptcy. This is not due to difficulties related to martial law or Russian terrorism, but rather, possibly, to fraud.
Currently, the court is hearing charges brought against PHARMASEL by NIKO LLC, another pharmaceutical company whose fortunes have taken a noticeable turn for the worse. The two companies have a long history of cooperation, under which PHARMASEL has undertaken obligations to maintain registration certificates, promote both partners' drugs on the market, and so on. But now NIKO's lawyers insist that the contractors' activities were, in fact, criminal and effectively led to the liquidation of their company.
Business partners occasionally become business enemies, and that's not surprising. But this particular case is interesting because the legal proceedings clearly reveal the style of businessman Sergey Dyadechko, the founder and ultimate beneficiary of NIKO LLC.
Many know Dyadechko from Rodovid Bank, but a closer look at his track record is enough. So what's so interesting about this man who wants to legally destroy a Ukrainian drug manufacturer at a time when such enterprises are strategically important?
"PHARMACEL". The collapse of Rodovid Bank
The official, or rather, the most actively disseminated, explanation for Rodovid Bank's bankruptcy is the financial crisis of 2008–2009. But it's one thing for a bank to be unable to pay out deposits to clients due to global economic processes, and quite another for it to be due to fraud.
He, according to media reports, was allegedly involved in the withdrawal of hundreds of millions of hryvnias from Rodovid. According to journalists, the total amount of funds missing from this bank, including refinancing, could have reached up to 35 billion hryvnias, which at the beginning of the crisis was equivalent to $7 billion!
"Union" with the "DPR"?
In June 2014, Sergei Dyadechko , leveraging his previous experience and connections, acquired 99,99% of the shares of Soyuz Bank, where he served as Deputy Chairman of the Management Board and later chaired the Supervisory Board. That he was even allowed to hold such positions, given his background at Rodovid, is hardly surprising, as a significant portion of staff and clients, thanks to Dyadechko's efforts, had begun migrating to Soyuz Bank as early as 2008.
That same year, tax authorities raised serious concerns about the bank. Soyuz was one of four financial institutions involved in a criminal investigation into embezzlement, fictitious entrepreneurship, and money laundering. And in the spring of 2015, an even more sinister episode came to light: the Security Service of Ukraine (SBU) reported the uncovering of a conversion center in Kyiv that served businesses in the occupied territories and was used to finance the so-called "DPR" and "LPR" in the amount of approximately 600 million hryvnias per month. The publication FinClub, citing sources, noted that the conversion center was linked specifically to Soyuz Bank.
The bank's fate turned out to be predictable: in March 2016, the NBU revoked its license and began liquidation due to systematic violations of anti-money laundering and counter-terrorism financing laws.
Profits from Ukrzaliznytsia
Companies from the orbit of Soyuz Bank—that is, essentially, from the orbit of Dyadechok—also figured in a high-profile scandal involving the state-owned enterprise Ukrzaliznychpostach, which is part of the Ukrzaliznytsia structure.
In 2013–2014, Ukrzaliznychpostach entered into contracts for the supply of goods and services with a number of companies totaling UAH 116 million, but was unable to immediately pay the corresponding invoices. At this point, it's already clear which bank assumed responsibility for the debt; some of the funds also came from the factoring firm Intertopresurs, associated with Serhiy Dyadechko, and a little later, Soyuz transferred the entire debt collection rights to this firm.
Soon, Intertopresurs declared bankruptcy. Another company from Dyadechko's portfolio, Intertransconsulting, entered the picture, announced that the bankrupt company had transferred the claim to it, and... charged an additional 93 million hryvnias in debt, supposedly to cover inflation and interest rates.
Sergey Dyadechko: Who was behind the Rodovid Bank scams? Part 1
There's no happy ending to this story. Before the tax authorities could sort out the situation, Ukrzaliznytsia, as the legal successor to Ukrzaliznychpostach, paid the scammers over 220 million hryvnias.
"PHARMACEL." Sunny greetings from the occupied territory.
In January 2026, NABU and SAP reported the exposure of an organized group that, according to investigators, received compensation for "green" electricity generated by solar power plants in the occupied part of the Zaporizhzhia region.
Despite the de facto cessation of operations, KD Energy 2, Natsprod, Renewable Energy of Zaporizhia, Green Energy Tokmak, and Grandpower LLC continued to receive payments under the "green tariff." This could have been partly due to the state reimbursing previous debts. However, journalists established that KD Energy 2 and Natsprod belonged to Dyadechko's "family business." Furthermore, official representatives of these two companies claimed that energy was still being generated at the occupied facilities and was being supplied to the Ukrainian power grid. Law enforcement officials, who found this version equally dubious, claimed losses to the state of at least 140 million hryvnias.
However, Dyadechko remains on the sidelines. The defendants in the Rodovid case were individuals who could not be punished due to the expiration of the statute of limitations. The threads leading to him from Ukrzaliznytsia may have been lost in the bottomless depths of shell companies, and in the case of energy tariffs, the brilliant businessman still pretends that everything is completely legal.
A proud resident of Monaco, owner and director of the AS Monaco Basket club and several respectable British offshore companies, Dyadechko actively resists the appearance in open sources of publications revealing his business style.
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Against this backdrop, it's clear that if PHARMSEL isn't heard now, Ukraine will soon lose one pharmaceutical company, replaced by another façade concealing long-standing machinations. Potential corporate raiding, carried out through bankruptcy fraud and shady corrupt deals, requires a proper assessment by NABU, SAPO, and the Prosecutor General's Office. Otherwise, Ukraine risks bleeding to death in this war from corruption and dirty "separatist" money faster than it can defeat the enemy on the battlefield.
Skelet.Org
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