The “Midas” case: SAPO reported suspicion against former Energy Minister Halushchenko

“The National Anti-Corruption Bureau of Ukraine and the Specialized Anti-Corruption Prosecutor’s Office have expanded the circle of suspects in the ‘Midas’ case. A former Minister of Energy (2021–2025) has been exposed for money laundering and participation in a criminal organization”, - the National Anti-Corruption Bureau of Ukraine reported on February 16.

According to the investigation, in February 2021, on the island of Anguilla (a self-governing overseas territory of the United Kingdom), on the initiative of members of a criminal organization exposed by the National Anti-Corruption Bureau of Ukraine and the Specialized Anti-Corruption Prosecutor’s Office in November 2025, a fund was registered that was supposed to attract about $100 million in “investments”.

The fund was headed by a long-time acquaintance of the members of the criminal organization — a citizen of the Seychelles and Saint Kitts and Nevis, who on a professional basis provided services for laundering proceeds obtained through criminal means.

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

In order to conceal his involvement, two companies were created in the Marshall Islands, integrated into the structure of a trust registered in Saint Kitts and Nevis. The beneficiaries of the companies were listed as the former wife and four children of the high-ranking official.

These companies became “investors” in the fund (by purchasing its shares), and members of the criminal organization, in the interests of the suspect, began transferring funds to the fund’s accounts opened in three Swiss banks.

Materials obtained in Ukraine and within the framework of international cooperation with the competent authorities of a number of countries indicate that during the period of the suspect’s tenure in office, through his confidant known as “Rocket”, the criminal organization received more than $112 million in cash from illegal activities in the energy sector.

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

At present, it has been established that more than $7.4 million was transferred to the fund’s accounts, which were controlled by the suspect’s family. Another more than 1.3 million Swiss francs and 2.4 million euros were issued in cash and transferred directly to the family in Switzerland.

Part of these funds was spent on paying for the children’s education at prestigious educational institutions in Switzerland and placed in the accounts of the former wife. The rest was placed on deposit, from which the family of the high-ranking official received additional income and spent it on their own needs.

On February 15, 2026, while attempting to leave the territory of Ukraine, the former high-ranking official was detained by detectives of the National Anti-Corruption Bureau of Ukraine. The agency does not name the surname; however, it is likely that this concerns former Energy Minister Herman Halushchenko.

He was 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. Within the framework of the investigation of the specified facts, the National Anti-Corruption Bureau of Ukraine is cooperating with 15 countries worldwide.