The Midas Case: Background and Key Figures
Ukraine’s National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) have declined to release information about the Midas case (No. 52025000000000472), citing Article 222, Part 1 of the Criminal Procedure Code of Ukraine. The investigation involves Timur Mindich, the company Fire Point LLC, and discussions about a potential sale of 33% of the company for $600 million.
The Midas case revolves around a large-scale scheme to embezzle state funds in the energy sector, which was publicly exposed on November 11, 2025. On that day, it was announced that the president had imposed three-year sanctions on Mindich and Oleksandr Tsukerman. Separately, the case reveals that Andriy Yermak was notified of suspicion on May 12, 2026, for laundering UAH 460 million. The pre-trial investigation is expected to conclude by August 2026, with 40 individuals scheduled for questioning as of early 2026.
Comments and Case Details
Commenting on the matter, Hennadiy Holovatsky, acting head of NABU’s communications department, stated that
“the procedure for accessing pre-trial investigation materials is regulated by the Criminal Procedure Code of Ukraine.”NABU further noted that
“given the above, and because the requested information constitutes restricted-access data, its disclosure is not possible.”SAPO also emphasized that 'disclosing the requested information about the factual circumstances of potential criminal offenses under investigation, as well as procedural actions and decisions in the case, could significantly harm the investigation.'
In the context of the Midas case, it has been noted that a series of leaked recordings involving Mindich, which surfaced in late April and early May 2026, mention the drone models FP1, FP5, and FP7 from Fire Point. In the conversations captured on these recordings, the potential sale of 33% of the company for $600 million was discussed, with $300 million earmarked for investment in development and another $300 million for a shareholder cash-out. In November 2025, Denys Shtilerman claimed that Timur Mindich wanted to buy 50% of Fire Point LLC.
As of now, 13 forensic computer-technical examinations and six audio recording analyses are ongoing. The individuals involved in the Midas case include:
- Timur Mindich
- Oleksandr Tsukerman
- Herman Halushchenko
- Ihor Myronyuk
- Ihor Fursenko
- Lesya Ustymenko
- Lyudmyla Zorina
- Andriy Yermak
Those who disseminated the recordings include a former SAPO prosecutor, journalists from Ukrainska Pravda, Yaroslav Zheleznyak, and Oleksiy Honcharenko. Before the invasion, Yehor Skalyha led the firm At Point.
Thus, the Midas case continues to draw attention, with the pre-trial investigation ongoing, including a significant number of planned interrogations and expert analyses. Cases like Midas highlight the complexity of fighting corruption in Ukraine, particularly in sensitive sectors such as energy. The continuation of investigations and calls for transparency in managing public funds are crucial for restoring public trust in state institutions. Watching how this case unfolds may serve as a benchmark for future reforms in the sector.
As the investigation into the Midas case unfolds, the implications of leaked recordings involving key figures continue to emerge. Notably, recent revelations concerning Defense Minister Umerov highlight the intricate connections between defense procurement and the alleged corruption in the energy sector. For a deeper understanding of these developments, explore the details surrounding the recordings linked to the Midas case.