Shadow Power? “Mindich Tapes” Rock Ukraine Energy Sector

Participants in the high-profile “Midas” investigation allegedly personally approved candidates for key positions in the energy sector. At the same time, their connections are traced across other industries – from defense to grain trading.

The new recordings point to significant influence by the individuals involved, according to MP Yaroslav Zhelezniak. 24 Kanal reveals.

What new details have emerged in the “Midas” case?

The figures named in the “Midas” investigation may have directly influenced appointments to senior positions in strategic state-owned companies, particularly in the energy sector.

According to the released fragments, certain individuals discussed candidates for top management roles, including at Energoatom-Trading, assessing their loyalty and controllability. This influence was not limited to the energy sector — the MP says it also extended to other industries.

In particular, the recordings mention possible schemes linked to the Odesa Port Plant, grain trading, facilities in the Chornobyl exclusion zone, as well as regulatory and infrastructure bodies. Also highlighted is the so-called “Project 23,” which, according to the data, may be related to the defense sector.

As noted by Zhelezniak, each area reportedly had its own “black ledger” and a code name, which suggests a systematic nature of the alleged corruption mechanisms. At the same time, he emphasizes that identifying all those involved is complicated, since some figures in the recordings are mentioned only under pseudonyms.

What is known about the “Midas” case?

Operation “Midas” is a large-scale anti-corruption investigation conducted by NABU and SAPO, which became known in 2025. It concerns the alleged creation of an organized group that may have established control over strategic enterprises in Ukraine’s energy sector, in particular Energoatom, with the aim of embezzling state funds during the war.

The central figure in the case is considered to be businessman Timur Mindich, co-owner of the Kvartal 95 studio. According to the investigation, he may have organized a so-called “shadow office” in the energy sector. As part of the investigation, thousands of hours of audio recordings were collected, on which, allegedly, the appointment of loyal managers and the distribution of financial flows were discussed.

Timur Mindich currently has the status of a suspect, and in April 2026 the High Anti-Corruption Court left the suspicion in force. Materials in the case and journalistic investigations also mention senior officials. In particular, possible links are being examined with then Minister of Energy Herman Halushchenko and his role in personnel decisions.

In addition, recordings have been published on which former Minister of Defense Rustem Umerov allegedly appears; he has not publicly commented on these matters. In the context of checks into the activities of energy companies, then head of Naftogaz Oleksiy Chernyshov is also mentioned.

What has been revealed about the latest published “Mindich tapes”?

Journalist Mykhailo Tkach reported part of the so-called “Mindich tapes”, which allegedly contain conversations involving Serhiy Shefir, Rustem Umerov, and other individuals. According to him, the recordings include discussions about suspicions in a criminal case, financial matters, possible personnel changes, as well as funding for the company Fire Point.

Later, investigative journalists published new recordings of conversations between Timur Mindich and Rustem Umerov related to the sale of a stake in Fire Point and the supply of body armor. Umerov’s press service emphasized that the authenticity of these materials should be verified by law enforcement authorities.

Journalists from Ukrainska Pravda also released transcripts of recordings that may indicate possible interference in the management of Sense Bank and Karpatnaftokhim through connections involving Timur Mindich and Andriy Yermak. According to the investigation, Vasyl Veselyi, linked to the Presidential Office, may have influenced the formation of the bank’s supervisory board and communicated with Oleksandr Tsukerman, one of the figures in the case concerning embezzlement at Energoatom.

Follow the Mindich Case investigation timeline

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