Fire Point has alleged an attempt to discredit the company in connection with the “Midas” case
1 May 06:56
Fire Point, a Ukrainian defense company that manufactures long-range systems for the Armed Forces, has denied allegations of ties to businessman Timur Mindich. Chief designer and co-owner of the company Denis Shteilerman stated that the information published in the media is based on rumors, may be part of an information attack, and harms the defense sector during wartime, reports "Komersant Ukrainian"
Fire Point has asked the National Anti-Corruption Bureau of Ukraine (NABU) to verify the authenticity of the published transcripts of conversations in the “Midas” case and to confirm whether they are part of criminal proceedings. Fire Point has also requested that Denis Shterman be summoned for questioning to provide explanations.
Fire Point’s Statement
Denis Shilerman categorically denied Timur Mindich’s involvement in Fire Point’s activities. According to him, Mindich “is not and has never been” the owner or ultimate beneficiary of the company.
The company states that publications containing such claims could discredit a manufacturer operating in the defense sector and create a false association with individuals involved in criminal proceedings.
Fire Point also does not rule out that competitors or individuals interested in undermining the company may be behind the information campaign.
The company called the figure of 311 billion UAH inaccurate
Fire Point separately responded to reports of an alleged allocation of 311 billion UAH to the company, which, according to the company, is untrue. The statement notes that Fire Point LLC’s revenue for 2025 amounted to 29.324 billion UAH, which is more than 10 times less than the amount cited in the publications.
The company believes that such discrepancies give reason to suspect possible distortion or fabrication of the published information. Fire Point requests an expert examination of the materials to confirm or refute their authenticity.
Fire Point asserts its role in the production of long-range weapons
In its appeal to NABU, the company emphasizes that it is one of Ukraine’s leading developers of weaponry. Fire Point asserts that its products are among the most widely used and effective strike capabilities among middle-strike and deep-strike UAVs, which are employed to strike enemy forces and assets on the battlefield and deep in the rear.
The company also states that it became the first Ukrainian developer to create its own cruise and ballistic missiles in a short period of time.
Additionally, Fire Point highlights its participation in the “Freya” project, which aims to create a pan-European ballistic shield using the FP-7 product and systems from European companies.
Since its founding in 2022, the Fire Point team has grown from 18 to 3,500 employees. The company’s flagship product is the FP-1 long-range drone, capable of striking targets deep within Russian territory. The company is also working on experimental projects—the “Flamingo” cruise missile and the FP-7 and FP-9 ballistic missiles.
Until mid-2025, Fire Point remained little known outside military circles and the defense industry. That changed on August 17, 2025, when Associated Press photographer Yefrem Lukatsky posted a photo on Facebook of the “Flamingo” cruise missile developed by the company. By August 20, President Volodymyr Zelenskyy had called this missile “the most successful” among Ukrainian weapons systems.
Fire Point denies Mindich’s connection to the company’s ownership
In its statement, the company specifically asks NABU to take its position regarding Timur Mindich into account.
Fire Point states that Mindich is not and has never been an owner or ultimate beneficiary of the company, and that any possible activities of this individual regarding the company are solely the initiative and responsibility of those individuals who may appear in the records.
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What exactly is Fire Point asking NABU for
In its appeal, the company asks NABU to inform it whether there is evidence in the materials of criminal proceeding No. 52025000000000472 or other proceedings whose content is identical to the conversations published by Mykhailo Tkach on the “Ukrainska Pravda” YouTube channel in the part concerning Fire Point.
The company also requests that, if the published materials are confirmed to be identical to NABU’s evidence, this evidence—specifically audio and video recordings—be provided for examination and expert analysis. Fire Point argues that, following their public release, such materials can no longer be formally considered confidential pre-trial investigation materials.
Separately, the company asks NABU to confirm whether the Bureau granted permission to disclose materials from the pre-trial investigation in accordance with Article 222 of the Criminal Procedure Code of Ukraine, and if such permission was not granted—whether information regarding the possible illegal disclosure of investigation data has been entered into the Unified Register of Pre-trial Investigations.
Fire Point also requests copies of any audio or video recordings of conversations involving company employees or owners, specifically Denis Shterman or Yevgeniya Skaliga, for expert analysis regarding authenticity and signs of editing. In addition, the company requests that all available references to Fire Point, its employees, or shareholders in NABU materials be published and that Stilerman be questioned as a witness.
Fire Point submitted the Deloitte audit to NABU and stated that the markup complies with legal requirements
In a letter to NABU Director Semen Kryvonos , Fire Point LLC reported that as early as the summer of 2025, it independently engaged Deloitte—one of the “Big Four” audit firms—to conduct an audit of agreed-upon procedures for the 2023–2024 period. The purpose of this audit, as the company notes, was to prevent any violations during the execution of government contracts.
Based on the results of Deloitte’s review, Fire Point claims it prepared a report confirming the absence of violations regarding compliance with legal requirements for the maximum markup on the cost of goods. The company states that the total markup on production cost was 21.5%, within the permissible legal limit of 25%. Fire Point submitted these reports, along with a cover letter, to NABU for review and use in criminal proceedings.
The statement also notes that a similar audit of agreed-upon procedures for 2025 is currently underway. Upon its completion, Fire Point states its readiness to provide the relevant reports to law enforcement agencies for analysis.
What caused the conflict
The day before, Ukrainska Pravda published new materials which, according to the publication, pertain to transcripts of conversations involving businessman Timur Mindich as part of NABU’s “Midas” operation.
Mindich and the then-Minister of Defense, now Secretary of the National Security and Defense Council, Rustem Umerov, allegedly discussed the potential sale of a stake in Fire Point to investors. According to the publication, the deal involved a 33% stake in the company for $600 million, of which $300 million was allegedly to be used for development, and another $300 million as a cash-out for shareholders.
It was following this publication that Fire Point issued a statement and filed a complaint with the NABU.
Why this story matters for the defense sector
Fire Point is one of the manufacturers of weapons for the Ukrainian Armed Forces. The company states that information attacks can affect not only its reputation but also the stability of production during wartime.
Fire Point emphasizes that profits are directed toward new developments, and the company itself has the production capacity for large-scale manufacturing of defense products.
What the NBU Governor Says
Separately, National Bank Governor Andriy Pyshny denied any involvement in schemes to finance Fire Point. He stated that he had received no requests from Timur Mindich, Rustem Umerov, or Fire Point representatives regarding the allocation of funds for defense enterprises.
This was yet another element of the public reaction to reports surrounding the “Midas” case and mentions of Fire Point.
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