Ukraine Corruption: $112 Million in Cash Linked to Illegal Activity in the Energy Sector

Former Ukrainian Energy Minister suspected in Midas case; $112 million allegedly laundered through family-controlled companies, Swiss accounts, and investments. NABU detained him and is investigating internationally with 15 countries.

NABU and the Specialized Anti-Corruption Prosecutor’s Office have expanded the circle of suspects in the Midas case. The former Energy Minister (2021–2025) is accused of money laundering and participation in a criminal organization.

According to investigators, in February 2021, on the island of Anguilla (a self-governing British overseas territory), a fund was registered at the initiative of members of the criminal organization exposed by NABU and SAP in November 2025, aiming to attract around $100 million in “investments.”

The fund was headed by a long-time associate of the organization’s members, a citizen of the Seychelles and Saint Kitts and Nevis, who professionally provided money-laundering services for illicitly obtained income.

Among the fund’s “investors” was also the suspect’s family.

To conceal his involvement, two companies were created in the Marshall Islands and integrated into a trust structure registered in Saint Kitts and Nevis. The beneficiaries of these companies were listed as the former spouse and four children of the senior official.

These companies became “investors” in the fund by purchasing its shares, and members of the criminal organization, acting in the suspect’s interests, began transferring money to the fund’s accounts held at three Swiss banks.

Materials obtained in Ukraine and through international cooperation with competent authorities in several countries indicate that during the suspect’s tenure, through a trusted associate known as “Rocket,” the criminal organization received over $112 million in cash from illegal activities in the energy sector.

These funds were laundered through various financial instruments, including cryptocurrency and “investments” in the fund.

It has now been established that more than $7.4 million was transferred to the fund’s accounts, controlled by the suspect’s family. Additionally, over 1.3 million Swiss francs and 2.4 million euros were withdrawn in cash and transferred directly to the family in Switzerland.

Part of these funds was used to pay for the education of the children at prestigious institutions in Switzerland and placed in accounts under the former spouse. The remainder was deposited, generating additional income for the senior official’s family, which they used for personal expenses.

On February 15, 2026, the former senior official was detained by NABU detectives while attempting to leave Ukraine.

He was formally notified of suspicion under Part 2 of Article 255 and Part 3 of Article 209 of the Criminal Code of Ukraine.

The investigation is ongoing. In connection with these facts, NABU is cooperating with authorities in 15 countries worldwide.

EMPR