A major corruption scandal has erupted in Ukraine, reaching the highest echelons of power and the country’s energy sector. At the heart of the NABU investigation, codenamed “Operation Midas,” is Timur Mindich—a well-known businessman, co-owner of Kvartal 95 Studio, and a long-time friend of President Volodymyr Zelenskyy.
Operation Midas: Timur Mindich Faces Ukraine Corruption Probe
On November 10, 2025, Ukrainian media reported that detectives from the National Anti-Corruption Bureau (NABU), in conjunction with the Specialized Anti-Corruption Prosecutor’s Office (SAP), conducted searches at the residence of Timur Mindich. These actions were part of an investigation into a corruption scheme involving strategic state-owned enterprises, primarily JSC “NNEGC “Energoatom”.
NABU revealed details of a 15-month investigation, stating that a criminal group had implemented a system called the “barrier” within Energoatom. This rigid system demanded mandatory kickbacks, ranging from 10% to 15% of contract values. Suppliers were explicitly told to “pay to pass.” If a company refused to pay the required percentage, its payments for completed work were immediately blocked, or it was entirely removed from Energoatom’s list of suppliers.
Investigators highlighted a critical issue: the strategic enterprise was effectively controlled by unauthorized individuals who lacked official authority.
“Using their official connections within the ministry and the state company, they ensured control over personnel decisions, procurement processes, and financial flows. In fact, the management of a strategic enterprise with an annual income exceeding UAH 200 billion was not carried out by official functionaries, but by unauthorized individuals who had no formal powers but assumed the role of ‘overseers,’” the bureau noted.
Key Figures in the Investigation
NABU investigators have amassed over 1,000 hours of audio recordings where the suspects discuss the distribution of kickbacks, construction projects, and personnel changes. In these recordings, participants in the scheme use call signs. Timur Mindich (call sign “Carlson”) is suspected of heading the criminal organization, having drawn several high-ranking officials into the scheme: Ihor Myroniuk (call sign “Rocket“), former advisor to the Minister of Energy and former deputy head of the State Property Fund; Dmytro Basov (call sign “Tenor“), Executive Director for Physical Protection and Security at JSC “NNEGC “Energoatom”; and Herman Halushchenko (call sign “Professor“), the incumbent Minister of Justice.
More than 70 searches have been conducted nationwide as part of the case. The scandal not only involves multi-billion-hryvnia embezzlement in the critical energy sector but also raises pressing questions about the influence of informal connections and business interests on state governance in Ukraine.
As of now, no arrests of the individuals involved in the investigation have been reported. However, Ukrainian media, citing their sources, claim that Mindich left the country on November 10 at 2:09 AM and is currently abroad.
