Former Minister Galushchenko charged in Midas case: what is known about the scheme
16 February 08:26
Former Minister of Energy and Justice Herman Halushchenko has been named a suspect in the Midas case. According to investigators, the former official was caught participating in a criminal organization and laundering money obtained illegally in the energy sector. This was reported by the National Anti-Corruption Bureau of Ukraine (NABU), according to "Komersant Ukrainian".
The NABU confirmed that law enforcement agencies have expanded the circle of suspects in this case.
“NABU and SAP have expanded the circle of suspects in the Midas case. The former Minister of Energy (2021-2025) was exposed for money laundering and participation in a criminal organization,” the anti-corruption bureau reported.
The former official was detained on February 15, 2026, while attempting to leave Ukraine. He has been notified of suspicion under Part 2 of Article 255 of the Criminal Code of Ukraine (participation in a criminal organization) and Part 3 of Article 209 of the Criminal Code of Ukraine (legalization of proceeds obtained by criminal means).
How the scheme worked through offshore companies and Swiss banks
According to NABU, the key element of the scheme was an investment fund registered in February 2021 on the island of Anguilla, an overseas territory of the United Kingdom.
“According to the investigation, in February 2021, on the initiative of members of the criminal organization, a fund was registered on the island of Anguilla, which was supposed to attract about $100 million in ‘investments,'” the NABU said.
The fund was headed by a foreigner, a citizen of the Seychelles and Saint Kitts and Nevis, who, according to law enforcement officials, specialized in laundering illegal proceeds.
Among the formal investors in the fund was the family of the former minister. To conceal his involvement, two offshore companies were created in the Marshall Islands, which were integrated into the trust structure in Saint Kitts and Nevis.
“The beneficiaries of the companies were the former wife and four children of the high-ranking official,” the NABU reported.
Over $112 million was legalized through the fund
According to the investigation, during Herman Galushchenko’s tenure, the criminal organization, through his confidant known by the pseudonym “Rocket,” received more than $112 million in illegal income in the energy sector.
“These funds were legalized through various financial instruments, including cryptocurrency and ‘investments’ in the fund,” NABU detectives emphasized.
Part of these funds was transferred to the fund’s accounts in three Swiss banks.
In particular, it was established that:
- over $7.4 million was transferred to the fund’s accounts;
- the suspect’s family received over 1.3 million Swiss francs and 2.4 million euros;
- the funds were used for personal needs, in particular to pay for the children’s education at prestigious educational institutions in Switzerland;
- part of the money was placed in deposits that generated additional income.
Arrest and international investigation
Law enforcement officers detained the former minister while he was attempting to leave Ukraine.
“On February 15, 2026, while attempting to leave Ukraine, the former high-ranking official was detained by NABU detectives,” the bureau said.
The Midas investigation is international in nature.
“As part of the investigation into these facts, NABU is cooperating with 15 countries around the world,” the anti-corruption agency emphasized.
Investigators are currently identifying all those involved in the criminal scheme and checking the movement of funds through international financial structures.
What is known about the Midas case
The Midas case is considered one of the largest anti-corruption cases in Ukraine’s energy sector in recent years. It involves international offshore structures, cryptocurrency transactions, and bank accounts in Europe.
Law enforcement officials suspect that illegal income was legalized through a complex financial network using funds, trusts, and controlled companies.
The investigation is ongoing.
