Ukraine’s anti-corruption agencies complete investigation in “Midas” energy case
Ukraine’s National Anti-Corruption Bureau and Specialized Anti-Corruption Prosecutor have completed the pre-trial investigation into the “Midas” case, which concerns an alleged corruption and money-laundering organization involving energy-sector officials and business figures. Investigators say the scheme extracted 10%–15% of contract values, with more than $111 million and nearly €12 million reportedly moving through an office between 2020 and 2025.
Key points
- The National Anti-Corruption Bureau and Specialized Anti-Corruption Prosecutor announced the investigation’s completion on November 4.
- The alleged scheme targeted National Nuclear Energy Holding Corporation Energoatom and other energy-sector state enterprises.
- Participants reportedly demanded 10%–15% of contract values from counterparties.
- More than $111 million and nearly €12 million reportedly passed through the organization’s office in 2020–2025.
- The organization used cryptocurrency, securities and a foreign investment fund to launder money.
- Authorities have taken steps to seize assets in Ukraine and abroad.
- Related investigations into other corruption and money-laundering cases in the energy sector continue.
- Five of seven reported suspects were detained; former Deputy Prime Minister and Energy Minister Herman Halushchenko was suspended from office.
Why it matters
The case alleges a systematic scheme affecting strategic state energy enterprises, particularly Energoatom. Investigators say participants received 10%–15% of contract values, while large sums were moved and laundered through an office created for that purpose. The investigation led to searches, arrests, preventive measures, a minister’s suspension and sanctions against two people, while related proceedings and efforts to recover assets continue.
What happened
Ukraine’s National Anti-Corruption Bureau and Specialized Anti-Corruption Prosecutor announced on November 4 that they had completed the pre-trial investigation in the “Midas” case. The investigation concerns an alleged criminal organization that included serving and former senior energy-sector officials, as well as business figures. The organization allegedly used its influence over Energoatom and other state enterprises to obtain 10%–15% of contract values from counterparties. It created a separate office in central Kyiv through which more than $111 million and nearly €12 million passed between 2020 and 2025. Investigators say those funds were laundered through cryptocurrency, securities, a foreign investment fund, non-resident companies and transfers to individuals. Authorities have taken steps to identify and seize the organization’s assets in Ukraine and abroad, and the search is continuing.
How Ukrainian sources describe it
Ukrainian reporting has focused on the completed “Midas” investigation, the alleged involvement of officials and business figures, the scale of funds moved through the organization’s office, and the ensuing searches, arrests, preventive measures, suspension and sanctions. Authorities stress that the inquiry extends beyond the completed case to other proceedings and continued asset-recovery efforts.
Background
The “Midas” case concerns alleged corruption and money laundering linked to Energoatom and other state companies. Investigators say the organization created a separate office in central Kyiv and used cryptocurrency, securities, a foreign investment fund, non-resident companies and transfers to individuals to launder money. The organization was reportedly uncovered in November 2025.