--- title: "Operation Midas: NABU and SAPO Conclude Investigation into $111M Corruption Scheme in Ukraine's Energy Sector" description: "NABU and SAPO have concluded the pre-trial investigation of Operation Midas: investigators claim the group pocketed 10–15% from Energoatom contracts, with over $111M and €12M flowing through laundering channels between 2020 and 2025." date: 2026-11-04T07:52:03.042Z lang: en url: https://xab.info/en/posts/nabu-sap-conclude-operation-midas-investigation tags: [nabu, sap, corruption, ukraine-energy, midas-case] author: "Marina Slivenko" publisher: "XAB.info" --- # Operation Midas: NABU and SAPO Conclude Investigation into $111M Corruption Scheme in Ukraine's Energy Sector ![Sign of the National Anti-Corruption Bureau of Ukraine on a building](https://xab.info/media/2026/11/04/nabu-sap-zavershili-rassledovanie-dela-midas/nabu-sap-zavershili-rassledovanie-dela-midas-1.webp) ## Key Points - NABU and SAPO concluded the pre-trial investigation into the Midas energy corruption case - Investigators claim suspects collected 10% to 15% from contract values with Energoatom and other state enterprises - Between 2020 and 2025, over $111 million and €12 million passed through money-laundering structures - Key figures include Timur Mindich, former Energy Minister Herman Halushchenko, and former Deputy Prime Minister Oleksiy Chernyshov - The group's assets have been seized in Ukraine and abroad; investigations into other episodes continue The National Anti-Corruption Bureau of Ukraine and the Specialized Anti-Corruption Prosecutor's Office have completed the pre-trial investigation into the case known as Operation Midas. According to the investigation, an organized group operated within the country's energy sector, systematically receiving illegal benefits from companies collaborating with Energoatom and other state-owned enterprises. NABU itself announced the completion of work on the case, as reported by RBC-Ukraine. ### Kickback Scheme: 10–15% of Every Contract According to investigators, members of the organization demanded from 10% to 15% of the total contract value from counterparties of state enterprises. The suspects received precisely this share as illegal enrichment. The investigation covers the period from 2020 to 2025, during which, according to law enforcement estimates, more than 111 million US dollars and 12 million euros passed through the structures involved in the scheme. Thus, this points to a long-term systematic practice of siphoning funds from the turnover of state energy enterprises. ### Legalization Mechanism: Office, Cryptocurrencies, and Offshore Accounts To launder the illegally obtained funds, the suspects allegedly used a dedicated office through which over $111 million and €12 million passed over five years. In addition to cash turnover, the scheme involved cryptocurrency and securities transactions, as well as a foreign investment fund. In February 2026, NABU further reported that part of the funds was laundered through an investment fund on the island of Anguilla and associated offshore companies, indicating the cross-border nature of the group's financial infrastructure. ### Key Figures in the Case Among the main figures in Operation Midas, the investigation names businessman Timur Mindich, former Energy Minister Herman Halushchenko, and former Deputy Prime Minister Oleksiy Chernyshov. In February 2026, NABU announced charges against Herman Halushchenko. According to the investigation, part of the laundered funds passed precisely through structures connected to him. The involvement of current and former high-ranking officials makes Midas one of the most high-profile corruption cases in Ukraine's energy sector in recent years. ### Chronology: From Operation to Conclusion of Investigation NABU and SAPO launched Operation Midas on November 10, 2025. Over the following months, law enforcement officers sequentially brought charges against suspects, tracked financial flows, and established connections between group members and offshore structures. By November 2026, the pre-trial investigation into the main part of the case was completed, paving the way for transferring the materials to court. At the same time, NABU emphasizes that the investigation into other facts of potential corruption and money laundering in the energy sector continues. ### Asset Seizure and Prospects As part of the case, law enforcement agencies took measures to seize the assets of the criminal organization both in Ukraine and abroad. This is a standard yet crucial procedure designed to ensure the potential confiscation of illegal proceeds following a court verdict. The completion of the pre-trial investigation does not mark the end of the process: the materials will now move to the trial stage, where the prosecution's version will be tested in an adversarial manner. The Midas case will serve as an indicator of how effectively Ukraine's anti-corruption institutions can bring cases involving influential business and political figures to court. ## Fact-Check & Sources - [НАБУ и САП завершили расследование дела "Мидас" о коррупции в энергетике](https://www.rbc.ua/ukr/news/nabu-ta-sap-zavershili-rozsliduvannya-spravi-1793778444.html) - Primary source: 10–15% kickback scheme, $111M and €12M for 2020–2025, key figures, asset seizure, operation start on Nov 10, 2025, charges against Halushchenko in Feb 2026. - [НАБУ и САП завершили расследование дела «Мидас» о коррупции в энергетике](https://sud.ua/ru/news/ukraine/376686-nabu-ta-sap-zavershyly-rozsliduvannia-spravy-midas-shchodo-koruptsii-v-enerhetytsi) - Confirms the total illicit gain exceeding $111 million and approximately €12 million. - [Операция «Мидас»: НАБУ и САП завершили расследование масштабной коррупционной схемы в энергетике](https://ua.news/ru/ukraine/operatsiia-midas-nabu-i-sap-zavershili-rozsliduvannia-masshtabnoyi-koruptsiinoyi-skhemi-v-energetitsi) - Confirms the laundering mechanism (office, cryptocurrency, securities, foreign fund) and the 2020–2025 timeframe. - [Расследование операции "Мидас" завершено, - НАБУ](https://censor.net/ru/news/4031961/mindichgeyit-nabu-i-sap-zavershili-rassledovanie) - Confirms the completion of the investigation and the amounts of $111 million and €12 million. ## FAQ ### What is the Midas case? This is a NABU and SAPO operation exposing an organized group that allegedly collected 10% to 15% from contract values with Energoatom and other state enterprises. The operation started on November 10, 2025, and the pre-trial investigation concluded by November 2026. ### What amounts are involved in the case? According to the investigation, over 111 million US dollars and 12 million euros passed through structures used for asset laundering between 2020 and 2025. ### Who are the key figures in the case? The investigation names businessman Timur Mindich, former Energy Minister Herman Halushchenko, and former Deputy Prime Minister Oleksiy Chernyshov among the main suspects. Charges were announced against Halushchenko in February 2026. ### How was the money laundered? According to the investigation, the suspects used a dedicated office, cryptocurrency and securities transactions, as well as a foreign investment fund, including one on the island of Anguilla and associated offshore companies. ### Is the case fully closed? The pre-trial investigation into the main part of the case is complete, but NABU emphasizes that investigations into other facts of potential corruption and money laundering in the energy sector are ongoing. Assets have been seized in Ukraine and abroad.