Former Minister of Energy of Ukraine Herman Halushchenko has been informed of the charges against him in the ‘Midas’ case. According to the Specialized Anti-Corruption Prosecutor’s Office, he is accused of money laundering and participation in a criminal organization, the activities of which are being investigated by NABU detectives.
This is reported by Kyiv24
Money Laundering Schemes and International Investigation
According to the investigation, in February 2021, a fund was established on the island of Anguilla, which was supposed to attract up to 100 million dollars in so-called investments. A citizen of the Seychelles and Saint Kitts and Nevis, who specialized in laundering illegal proceeds, was appointed to head the fund. Among the fund’s investors was the suspect’s family. To conceal the former minister’s involvement, two companies were registered in the Marshall Islands, intertwined in the structure of the trust in Saint Kitts and Nevis, with the former wife and four children of the official listed as beneficiaries.
The prosecutor’s office reported that these companies became formal investors in the fund by purchasing its shares. After that, members of the criminal organization transferred funds to the fund’s accounts in three Swiss banks in the interests of the suspect.
“Materials obtained in Ukraine and through international cooperation with the competent authorities of several countries indicate that during the suspect’s time in office, through his trusted person known as ‘Rocket’, the criminal organization received over $112 million in cash from illegal activities in the energy sector. These funds were laundered through various financial instruments, including cryptocurrency and ‘investments’ in the fund,” the prosecutor’s office stated, adding that as part of the investigation, NABU is cooperating with 15 countries.
Use of Funds and Further Investigative Actions
Investigators established that over $7.4 million, more than 1.3 million Swiss francs, and 2.4 million euros were transferred to the fund’s accounts controlled by the Halushchenko family, with cash issued or transferred directly to the family in Switzerland. Part of these funds was spent on the education of the children in prestigious institutions in Switzerland, and some were deposited in accounts of the former wife. The remaining funds were placed in a deposit from which the family received additional income and used it for their own needs.
Journalists reported that Herman Halushchenko’s son has been studying at College Alpin Beau Soleil in Switzerland for the past four years, where the annual cost of tuition, including accommodation, reaches $200,000. Over four years, this amount could total around $700,000, significantly exceeding the official income and declared savings of the Halushchenko family. His lawyers noted that the organization of expenses is handled by the former wife.
Halushchenko himself has not yet commented on the announcement of the charges. It became known the day before that he was detained while attempting to leave the territory of Ukraine.
The investigation in the ‘Midas’ case is ongoing. It is known that in November 2025, NABU announced the exposure of a criminal organization that received unlawful benefits from contracts with ‘Energoatom’ amounting to 10-15% of the value of the agreements. Approximately $100 million was laundered through a back office in Kyiv. According to the investigation, the premises of this office are linked to the family of former people’s deputy and now senator of the Russian Federation Andriy Derkach, who is also involved in criminal proceedings by NABU and SAP.
NABU detectives have documented the involvement of four ministers from different periods during the investigation. After the results of the investigation were made public, the government submitted a proposal to parliament for the dismissal of Herman Halushchenko and Svitlana Hrynchuk from their positions as Minister of Justice and Minister of Energy, respectively. On November 19, the Verkhovna Rada made the decision to dismiss them.
Earlier, commenting on his suspension, Halushchenko referred to it as a “civilized and correct scenario” and claimed that he “is not holding on to the ministerial position.”