The High Anti-Corruption Court of Ukraine has ordered former Energy Minister Herman Halushchenko to be held in custody with the possibility of bail set at 200 million hryvnias (approximately $5.4 million). This decision was announced on February 17, following a request from the prosecution for a higher bail amount of 425 million hryvnias.
Halushchenko, who has been charged with money laundering and involvement in a criminal organization, requested that the bail be reduced to no more than 30 million hryvnias. His legal team has not yet decided whether to appeal the court’s ruling, and the prosecution has similarly refrained from immediate comment on the matter.
As part of the court’s ruling, Halushchenko has been prohibited from communicating with several individuals implicated in the ongoing investigation, including Timur Mindich, Oleksandr Tsukerman, Ihor Myroniuk, and Dmytro Basov, all of whom are connected to the so-called ‘Midas’ case.
On February 15, Halushchenko was detained by detectives from the National Anti-Corruption Bureau (NABU) while attempting to cross the state border. In court, he asserted that he had no intention of fleeing, stating, “If I wanted to escape, I would have done so.”
The charges against Halushchenko stem from an investigation that revealed the establishment of a fund in February 2021 on the island of Anguilla, aimed at attracting approximately $100 million in investments. This fund was reportedly linked to a criminal organization uncovered by NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAP) in November 2025.
According to the SAP, the fund was managed by an associate of the criminal organization, who provided money laundering services. Halushchenko’s family was identified as one of the investors, with two companies created in the Marshall Islands to conceal his involvement. The beneficiaries of these companies were his ex-wife and four children.
Investigators allege that during Halushchenko’s tenure, the organization received over $112 million in cash from illegal activities within the energy sector. These funds were laundered through various financial instruments, including cryptocurrency and investments in the fund.
Furthermore, the SAP reported that over $7.4 million, along with more than 1.3 million Swiss francs and 2.4 million euros, were transferred directly to Halushchenko’s family in Switzerland. A portion of these funds was used for educational expenses at prestigious Swiss institutions, raising questions about the legitimacy of the financial disclosures made by Halushchenko.
In December, it was revealed that Halushchenko’s son has been attending one of Europe’s most expensive private colleges, costing up to $200,000 annually. Despite declaring his children in official documents, Halushchenko has not accounted for these educational expenses, which may total approximately $700,000 over four years.
On November 10, 2025, NABU announced the dismantling of a criminal organization that systematically extracted illicit gains from contractors of Energoatom, reportedly receiving kickbacks ranging from 10% to 15% of contract values. The funds were allegedly laundered through a back office in Kyiv, which processed around $100 million. This office was reportedly linked to the family of Andriy Derkach, a former MP and current senator in Russia, who faces separate charges from NABU and SAP.
During the investigation, NABU detectives noted the involvement of four ministers from various governmental periods, although it was clarified that not all current ministers were implicated. Following these developments, Prime Minister Yulia Svyrydenko submitted a proposal to parliament for the dismissal of both Halushchenko and Justice Minister Svitlana Hrynchuk. On November 19, the Verkhovna Rada approved the dismissals, with both ministers absent from the parliamentary session.
Previously, Halushchenko expressed that he did not cling to his ministerial position and viewed his suspension during the investigation as a reasonable course of action.
The High Anti-Corruption Court in Ukraine has ordered the detention of former Energy Minister Herman Halushchenko, setting bail at 200 million hryvnias amid serious corruption allegations. Halushchenko faces charges related to money laundering and his involvement in a criminal organization that reportedly siphoned substantial funds from the energy sector.
Source: Radio Svoboda