Former Ukrainian Energy Minister Galushchenko Charged in 'Midas' Money Laundering Case

Ex-Minister Faces Formal Charges

According to Главком: Herman Galushchenko, the former Energy Minister of Ukraine, has been formally charged in the 'Midas' case. On February 15, 2026, detectives from Ukraine's National Anti-Corruption Bureau (NABU) accused him of money laundering and participating in a criminal organization. The charges were filed as Galushchenko was attempting to leave the country. This case is part of a wider crackdown on corruption within Ukraine's critical energy sector, which has long been a target for reform efforts. The investigation centers on the creation of a fund in Anguilla and the movement of money through Swiss banks.

Offshore Fund and International Money Flows

In February 2021, a fund was registered in Anguilla with the stated goal of attracting roughly $100 million in investments. It was headed by a citizen of Seychelles and St. Kitts and Nevis, who provided money laundering services for illicit proceeds. According to the investigation, the suspect's family was among the fund's purported 'investors.' Concurrently, two companies were established in the Marshall Islands, with Galushchenko's ex-wife and four children listed as the ultimate beneficiaries.

Funds were transferred into the foundation's accounts via three Swiss banks. The criminal organization, of which Galushchenko is alleged to be a member, received over $112 million in cash from activities in the energy sector through a trusted intermediary known as 'Rocket.' More than $7.4 million was then transferred to accounts controlled by the suspect's family. The family also received disbursements exceeding 1.3 million Swiss francs and 2.4 million euros, some of which paid for children's education in Switzerland and were deposited into the ex-wife's accounts.

NABU had previously announced charges against seven individuals in the 'Midas' case on November 10, 2025. The agency is cooperating with authorities in 15 countries on the investigation. It is known that two figures, Timur Mindich and Oleksandr Zuckerman, returned to Ukraine at the end of April 2022 via the Warsaw-Kyiv train. Other suspects include Igor Myroniuk (Rocket), a former advisor to the energy minister; Dmytro Basov (Tenor), security director for the state company 'Energoatom'; and several others.

This case marks a significant step in Ukraine's fight against corruption, exposing large-scale financial schemes within the energy sector. - Source: NABU

NABU's extensive collaboration with international law enforcement underscores the seriousness of Ukraine's anti-corruption drive and signals potential consequences for other suspects. By involving numerous foreign partners, Ukrainian authorities aim to enforce greater transparency and accountability in cross-border financial operations.