The Ukrainian defense company Fire Point, known for its production of missiles and drones, is under scrutiny following revelations about its investment structure and ownership negotiations. During a session of the Temporary Investigative Commission of the Verkhovna Rada, co-owner and chief designer Denis Shtilerman disclosed that the company was established through private investments amounting to approximately $2 million.
Shtilerman clarified that the funding was sourced from the personal finances of the partners, with some contributions made as equity and others as loans, which have since been repaid. He emphasized that the financing process was transparent and officially documented.
In March 2024, Fire Point became the only company to successfully complete international tests organized by the U.S. Embassy, specifically for deep-strike manufacturers. Shtilerman noted, “We were the only company that passed these tests, demonstrating our capabilities under the influence of the REB system and hitting the target. This examination took place in Ukraine and was funded by the U.S. Embassy.” Following this achievement, interest in acquiring shares of Fire Point surged, including an approach from businessman Timur Mindich, who sought to purchase a 50% stake.
Mindich reportedly offered around $100 million for his share, but Shtilerman stated that this valuation did not align with the company’s capitalization. Negotiations extended until August 2025, at which point Mindich proposed nearly $1 billion for the same stake. However, discussions ended when Mindich suggested a proxy to represent him as a shareholder, a proposal that Shtilerman found unacceptable.
“He offered me a person who would front for him as a shareholder… I was not satisfied with this individual. I said let’s part ways and no longer discuss the sale of the stake,” Shtilerman explained, citing additional reasons for rejecting the offer.
Fire Point also received an offer from a sovereign fund for 30% of the company at $758 million. While Shtilerman refrained from naming the individual Mindich proposed, he indicated he would disclose the name during a closed session of the commission.
Shtilerman insisted that any sale of the company’s shares would require “clean money” rather than cash transactions. He remarked, “I told Mindich that we cannot accept cash in bags; we need legitimate funds.” He expressed skepticism about selling shares in the future, anticipating further increases in the company’s value.
Shtilerman revealed that he met Mindich in March 2024 through Igor Khmelov, a senior manager at Fire Point. He confirmed visiting Mindich’s apartment on Hrushevskyi Street to discuss the potential sale, which was reportedly under surveillance by the National Anti-Corruption Bureau (NABU).
On November 10, it was reported that Mindich and his associate Oleksandr Tsukerman had left Ukraine. The State Border Guard Service confirmed that Mindich crossed the border legally, citing his responsibilities as a parent of three minor children.
Media reports indicated that former Chernihiv regional prosecutor Stanislav Hushchesov had assisted Mindich and Tsukerman in monitoring the investigation and alerted them about NABU raids.
On April 29, Ukrainian media published excerpts from the so-called “Mindich tapes,” which allegedly contained discussions about Fire Point’s operations, including the potential sale of shares to foreign investors. One conversation suggested selling 33% of the company for $600 million, with $300 million earmarked for company development.
Mindich has publicly denied any involvement with Fire Point and is currently implicated in a corruption case related to Energoatom. On December 1, 2025, a court ordered his arrest in absentia, as he is believed to have led a group involved in embezzling funds from energy contracts. Authorities are considering passing the case to Interpol for his potential arrest during border crossings.
In a related development, on November 10, 2025, NABU announced a large-scale operation named “Midas” aimed at uncovering corruption within the energy sector, resulting in over 70 raids. Investigators claim that the scheme’s organizers received kickbacks amounting to 15% of Energoatom contracts, which were funneled through back offices linked to former politician Andriy Derkach’s family.
NABU has implicated several former ministers in the corruption case, including former Energy Minister Herman Halushchenko, who has also faced searches. On November 12, Prime Minister Yulia Svyrydenko submitted a motion to the parliament for Halushchenko’s dismissal, which was approved alongside the removal of Energy Minister Svitlana Hrynchuk. Former Economy Minister Tymofiy Milovanov announced his resignation from Energoatom’s supervisory board, while the government plans to restart the company’s operations, including the dissolution of its current supervisory board.
Fire Point, a Ukrainian defense manufacturer, is embroiled in controversy over investment offers and ownership negotiations. Co-owner Denis Shtilerman revealed details about the company's funding and rejected a significant stake sale to businessman Timur Mindich, amid ongoing investigations into corruption in the energy sector.