Former Energy Minister Herman Halushchenko has been formally notified that he is being investigated in relation to the “Midas” corruption case, Ukrainian authorities said on Monday.
The National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) allege that Halushchenko, who held office between 2021 and 2025, participated in a large-scale money-laundering scheme linked to offshore structures and an investment fund associated with his family.
Follow our coverage of the war on the @Kyivpost_official.
The ex-minister has been formally notified that he is suspected of involvement in a criminal organization and laundering criminal proceeds.
NABU has not named their suspect, but said in a statement on Sunday that detectives had detained the former Energy Minister as he attempted to leave the country. Halushchenko left that post in July 2025 when he was appointed Ukraine’s justice minister in a cabinet reshuffle.
The “investment” fund
In 2021, a fund was established on the island of Anguilla – a British Overseas Territory in the Caribbean – with the apparent aim of attracting around $100 million in investments.
Its structure included companies registered in the Marshall Islands, a country in the Pacific, with beneficiaries allegedly including the former minister’s ex-wife and children. Through these companies, “investments” were funneled into the fund. Bank accounts in Switzerland linked to the fund also received transfers.
Other Topics of Interest
Zelensky Says All Ukraine Power Plants Damaged but Energy System Still Functions
Russia has damaged all of Ukraine’s power plants, but the energy system is still operating thanks to energy workers and air defence support, President Volodymyr Zelensky said.
Law enforcement officials say that during the former minister’s tenure, the organization handled more than $112 million in cash, some of which was legalized through financial instruments, including cryptocurrency and investments in the fund.
More than $7.4 million was allegedly transferred to accounts connected to the former minister’s family, along with €2.4 million and 1.3 million Swiss francs, either in cash or sent directly to family members in Switzerland – some of which was allegedly used to fund the children’s education abroad.
The investigation is ongoing, with authorities cooperating with law enforcement in 15 countries.
November 2025 energy scandal
In November 2025, NABU exposed a large-scale corruption scheme at Energoatom – Ukraine’s largest energy producer – allegedly orchestrated by Tymur Mindich, a former business partner of President Volodymyr Zelensky. Investigators say that the group influenced decisions in the state energy sector, particularly at JSC Energoatom, and demanded illegal benefits of 10-15% from contract counterparties.
Among those implicated are officials and businessmen, including National Commission member Serhiy Pushkar, former Energoatom security director Dmytro Basov, and former State Property Fund deputy head Ihor Myronyuk.
The investigation alleges the participants manipulated personnel decisions, procurement, and financial transactions within the enterprise.
Halushchenko was also named in the case. Parliament dismissed him from his post, and he was reportedly interrogated by NABU on Nov. 21, 2025.
He was detained on Sunday, Feb. 15, while attempting to cross the country’s border. According to the Ukrainska Pravda outlet, Halushchenko was stopped on a train after border authorities acted on requests from NABU and SAPO.