The Specialized Anti-Corruption Prosecutor’s Office (SAP) has announced that Herman Halushchenko, the former Minister of Energy of Ukraine, has been charged in connection with the Midas case. The allegations include money laundering and involvement in a criminal organization.
According to SAP, the investigation reveals that in February 2021, a fund was registered on the island of Anguilla, a British Overseas Territory, as part of a scheme orchestrated by members of a criminal organization uncovered by the National Anti-Corruption Bureau (NABU) and SAP in November 2025. The fund aimed to attract approximately $100 million in investments.
The fund was led by an acquaintance of the criminal organization, a citizen of the Seychelles and St. Kitts and Nevis, who was known for providing money laundering services. Among the fund’s investors was Halushchenko’s family. To obscure his involvement, two companies were created in the Marshall Islands, integrated into a trust registered in St. Kitts and Nevis. The beneficiaries of these companies were Halushchenko’s ex-wife and four children.
SAP noted that these companies became investors in the fund by purchasing its shares, while members of the criminal organization began transferring funds to accounts held by the fund in three Swiss banks.
The investigation has revealed that during Halushchenko’s tenure as minister, a trusted associate, referred to as “Rocket,” facilitated the criminal organization in obtaining 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.
Evidence obtained from Ukraine and through international cooperation with various countries indicates that over $7.4 million was transferred to the fund’s accounts managed by Halushchenko’s family, in addition to more than 1.3 million Swiss francs and 2.4 million euros that were withdrawn in cash and sent directly to the family in Switzerland.
Some of these funds were utilized for the education of Halushchenko’s children in prestigious Swiss institutions, while others were deposited, generating additional income for the family. Reports indicate that Halushchenko’s son has been attending one of Europe’s most expensive private colleges, College Alpin Beau Soleil, where tuition and living expenses can reach up to $200,000 annually. The total cost of education over four years could amount to approximately $700,000, significantly exceeding the family’s declared income and savings.
Halushchenko has not yet commented on the charges. On February 15, NABU reported that he was detained while attempting to leave Ukraine.
On November 10, 2025, NABU announced the dismantling of a criminal organization primarily engaged in systematically extracting illicit gains from Energoatom contractors, estimated at 10% to 15% of contract values. The organization reportedly laundered around $100 million through a back-office operation in central Kyiv, which was owned by the family of former Ukrainian MP and current Russian senator Andriy Derkach, who is implicated in another criminal case.
NABU detective Oleksandr Abakumov stated that the investigation has identified four ministers from various periods involved in this case.
In response to the unfolding situation, Ukrainian Prime Minister Yulia Svyrydenko submitted a proposal to parliament for the dismissal of Halushchenko and the Minister of Justice, Svitlana Hrynchuk. On November 19, the Verkhovna Rada voted to dismiss both ministers, who were absent from the parliamentary session.
Previously, Halushchenko had expressed that he did not cling to his ministerial position and considered his temporary suspension during the investigation to be a civilized and appropriate course of action.
Herman Halushchenko, former Ukrainian Energy Minister, faces serious corruption charges linked to the Midas case, involving money laundering and a criminal organization. The investigation highlights significant financial irregularities during his tenure, with implications for his family's wealth and educational expenditures.