The Midas Case: Probing a Major Corruption Scandal in Ukraine
Ukraine launched its investigation into the so-called Midas corruption case on November 11, 2025. In the latest development, former Deputy Prime Minister Oleksiy Chernyshov and businessman Tymur Mindich have been added to the list of suspects in a money-laundering episode tied to the construction of the Dynastia cottage village in the village of Kozyn, just outside Kyiv. Chernyshov now faces charges under Article 209, Part 3 of Ukraine’s Criminal Code for legitimizing property. According to the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO), the suspects allegedly laundered more than 460 million hryvnias between 2021 and 2025.
Construction Project and Funding Sources
Back in 2020, Chernyshov—who previously led the Ministry of Communities and Territories Development—conceived the idea for the Dynastia cottage village. The plan called for building five houses on land purchased by Bloom Development LLC, a company owned by the Chernyshov family. The residences were assigned the following designations:
- R2 – owned by Andriy Yermak
- R3 – owned by Tymur Mindich
- R4 – owned by Oleksiy Chernyshov
- R1 and R0 – owners remain unidentified
The construction was financed through three primary channels:
- Injections into the share capital of the servicing cooperative Sunny Shore Housing Cooperative using funds from shell companies.
- Cash from a money-laundering operation controlled by Mindich, which supplied 72% of the project’s funding.
- Cash provided by Mindich from undisclosed sources.
The investigation also points to Chernyshov’s trusted associates, including Liliya Lysenko, director of Bloom Development LLC, and Hennadiy Opalchuk, co-owner of the cooperative. Lysenko, who co-owned Bloom Development alongside Chernyshov’s wife, received funds from Demetra Finance LLC—a company previously implicated in a fraud case. Other entities, such as Zdraviytsia Pharmaceutical Company LLC, were also involved in financial transactions, some of which bore signs of being fictitious.
In November 2025, the High Anti-Corruption Court ordered Chernyshov’s arrest on charges of illicit enrichment, setting bail at 51.6 million hryvnias. The bail was paid, and Chernyshov was released. According to a law enforcement source, no further motions have been filed against him, and he is currently complying with all court-ordered obligations.
The Midas case stands out for its vast scope and the involvement of high-ranking officials, underscoring the severity of corruption schemes in Ukraine. The financial abuses uncovered raise serious questions about transparency in real estate development and money laundering, potentially damaging the reputation of state institutions. Future phases of the investigation may reveal additional details that could reshape the country’s anti-corruption efforts.
As the investigation into the Midas corruption case intensifies, the recent charges against Chernyshov shed light on a broader network of alleged money laundering. For a deeper understanding of the financial schemes linked to his activities, including a significant $9 million laundering operation, read more about the details surrounding these accusations in our previous report on the charges against the former Deputy Prime Minister.