“MIDAS” OPERATION IS UNDERWAY: WHAT HERMAN HALUSHENKO`S TRIAL REVEALS

18 February, 2026

Context 

On November 10, 2025, NABU announced a large-scale operation, “Midas”, aimed at exposing corruption in the energy sector. One of the suspects in the case is former Minister of Energy, and later Minister of Justice, Herman Halushchenko. 

Herman Halushchenko was detained on February 15 while attempting to cross the Ukrainian border. After his arrest, the former minister was transferred to Kyiv. On February 17th, the court imposed a preventive measure in the form of pre-trial detention, with the alternative of bail set at UAH 200 million (approx. USD 4.5 million) The prosecutor had requested UAH 425 million (approx. USD 9.8 million).

The former minister is accused of participation in a criminal organization and money laundering, however, we expect that additional charges will also be brought. 

New Details Have Emerged

• The criminal organization led by Timur Mindich had been operating since at least December 2020, rather than from late 2024, as previously believed by the investigation.
• The investigation has obtained the criminal organization’s accounting records, exposing detailed cash flows and the use of offshore jurisdictions. The criminal organization used offshore companies in the Marshall Islands and an investment fund in Anguilla to launder funds. The laundered money was then funneled into Swiss banks. 
• Ivor Omson, an offshore specialist with longstanding ties to Ukrainian oligarch Dmytro Firtash and influential criminal Semen Mogilevich with russian ties, assisted in laundering the funds through offshore jurisdictions.
• From December 2020 to June 2025, $112 million in funds embezzled from the energy sector flowed into Mindich’s back office. Halushchenko’s income from criminal activities over the same period amounted to $9 million. 
• According to the prosecutor, while serving as Minister of Justice, Halushchenko effectively coordinated the activities of Energoatom and continued to influence the Ministry of Energy. The appointment of the Minister of Energy, his successor Svitlana Hrynchuk, was approved, including by him. He also received reports from the acting head of the Management Board of Energoatom, Kovtoniuk (who remains in office).

Galushchenko’s Role in the NABU Attack

• During the court hearing, the prosecutor read a message to Minister Herman Galushchenko from his deputy (current deputy Minister of Justice Evhen Pikalov), transferring an SSU demand to keep NABU detective Ruslan Magamedrasulov in “the harshest possible conditions with unpleasant neighbours”. The Minister of Justice, who is responsible for prisons and detention centers, replied “+”, thereby approving the request. The existence of such SSU requests to the Minister further confirms that the July 2025 attack on NABU was coordinated at the highest political level.

Challenges for Investigative Authorities 

1) The Need of an Independent Expert Institution for the NABU.

Herman Halushenko is a former Minister of Justice (July–November 2025). Moreover, he has been a part of the Government since 2021 as a Minister of Energy. Considering his close ties to current political circles (for example, a current Deputy Minister of Justice) and his potentially significant political influence, there are reasonable grounds to believe he may attempt to influence the results of forensic examinations and the experts conducting them which are being under the management of the Ministry of Justice. 

The NABU still has not its own independent expert institution and is obliged to rely on expert institutions operating under the Ministry of Internal Affairs, the Ministry of Justice, and the Security Service of Ukraine that possesses risks of experts’ bias from management, unlawful influence by participants in criminal proceedings, and delays in the conduct of expert examinations. 

According to our sources, the Ministry of Justice had for a long time attempted to mislead NABU and hindered the establishment of an independent institution. We now understand that this was due to decisions made, including those by Herman Halushenko.

2) The “Midas” Case is Ukraine’s Most Complex Political Corruption Case.

Even during the February 17 hearing, the prosecutor noted the presence of numerous unidentified individuals within the organized criminal group, underscoring that the case continues to evolve dynamically.