Luxembourg-based company Tzedakah Funds claims control over the Danube terminal in Reni owned by Kernel

The Luxembourg company Tzedakah Funds has filed claims over the logistics enterprise Reni-Terminal, located in the Ukrainian Danube port of Reni and currently owned by the agroholding Kernel, reports LIGA ZAKON.

According to the investigation, Tzedakah Funds is linked to Dmytro Cherniavskyi, former acting CEO of the NSC “Olimpiyskyi” and son-in-law of businessman Hennadiy Boholiubov, a long-time associate of oligarch Ihor Kolomoiskyi. The company is using legal proceedings in an attempt to regain control of Reni-Terminal.

In 2016, Tzedakah Funds issued a €1.45 million loan to Janolio Holdings, a company associated with former Eurobank head Oleksandr Adarich (currently wanted in Ukraine). The loan was secured by a 100% stake in Reni-Terminal LLC.
In 2018, the company’s stake was reduced to 80.5% following a capital increase involving Danube Terminal Service, also reportedly connected to Adarich.
Between 2021 and 2022, full control shifted to the Cypriot Nolper Holdings, and later to Reni-Oil, co-owned by Ihor Adarich, son of the ex-banker.
In 2023, Kernel acquired Reni-Oil, including Reni-Terminal’s assets, for $24.75 million, and formally incorporated the terminal into its structure in March 2024.

Legal proceedings over the ownership of Reni-Terminal are still ongoing.

Comment by the Institute of Danube Research:
The dispute over Reni-Terminal underscores the growing strategic importance of Danube ports amid shifting logistics routes caused by the war. Attempts by shadow capital to re-enter the port infrastructure sector threaten not only ownership transparency but also the stability of Ukraine’s export corridor via the Danube.

Protecting legitimate investors such as Kernel and ensuring institutional trust in the Danube assets of Ukraine are now crucial for maintaining the country’s economic and logistical resilience.