A massive corruption scandal rocks Ukraine: President Zelensky’s longtime business partner Timur Mindich fled the country hours before NABU raids, as a 15-month investigation uncovered a $100 million money-laundering scheme at state-owned nuclear giant Energoatom. The “Midas” operation involved 1,000+ hours of wiretaps, 70 searches, and charges against seven suspects, including former Energy Minister Herman Halushchenko. Kickbacks of 10–15% were extorted from contractors. Mindich, a co-founder of Zelensky’s Kvartal 95, reportedly escaped to Israel. The case fuels public distrust—77.6% of Ukrainians blame Zelensky for corruption—and complicates EU accession talks.
Another Blow to Ukraine’s Anti-Corruption Efforts
Amid an ongoing war with Russia, Ukraine faces yet another high-profile corruption scandal. On November 10, 2025, the National Anti-Corruption Bureau (NABU) launched Operation Midas, raiding properties linked to businessman Timur Mindich—a close associate and former business partner of President Volodymyr Zelensky. NABU alleges a criminal group siphoned off approximately $100 million from Energoatom, Ukraine’s state nuclear energy company, through systematic kickbacks and offshore money laundering.1
Investigation Details: Wiretaps, Raids, and a Timely Escape
The 15-month probe included over 1,000 hours of intercepted calls and culminated in 70 simultaneous raids across Ukraine. Investigators say Mindich (codenamed “Karlson”) led a shadow network that forced Energoatom contractors to pay 10–15% kickbacks on multi-million-dollar contracts to avoid payment delays or disqualification.2
Funds were laundered abroad, often via cryptocurrency and cash withdrawals during official foreign trips. Audio excerpts reveal discussions of bribes tied to a 3 billion UAH (~$71 million) deal, with suspects using codenames like “Rakieta” (Rocket), “Tenor,” and “Professor.”3
Mindich fled Ukraine just hours before NABU agents arrived at his Kyiv apartment—likely tipped off by an insider. Sources report he is now in Israel, where he celebrated his birthday in September.4 Five of the seven suspects were detained; former Energy and Justice Minister Herman Halushchenko had his home searched and was temporarily suspended.5
Zelensky’s Deep Ties to the Fugitive
Timur Mindich, 46, from Dnipro, co-founded the entertainment company Kvartal 95 with Zelensky in the early 2000s. Even after Zelensky became president in 2019 and transferred his stake, their relationship remained close. Oligarch Ihor Kolomoisky confirmed Mindich introduced him to Zelensky years earlier.6 In 2019, Zelensky used an armored vehicle provided by Mindich during his campaign.7
Mindich also co-owns Green Family Ltd in Cyprus, which funded film projects in Russia—raising questions about conflict of interest. Earlier in 2025, Zelensky faced EU backlash after attempting to curb NABU’s independence, sparking protests in Kyiv. Many now believe the move was linked to protecting allies under investigation.8
Reactions: From Presidential Statements to Russian Glee
In his evening address, President Zelensky stated: “All effective measures against corruption are crucial. Punishment must be certain. Cleanliness at Energoatom is a top priority.”9 Prime Minister Yuliya Svyrydenko pledged full government support for NABU.
A recent poll by the Kyiv International Institute of Sociology shows 77.6% of Ukrainians hold Zelensky responsible for widespread corruption.10 In Moscow, officials like Vladimir Rogov mocked the scandal, calling Mindich “Zelensky’s main wallet” and predicting panic within the president’s inner circle.11
Hungarian PM Viktor Orbán has cited Ukraine’s corruption and suspended democracy (no elections since 2022, banned opposition parties, media closures) as reasons to block EU membership talks.12
Similar Corruption Cases in Ukraine’s Energy Sector
- 2020 Naftogaz Scandal: Executives accused of embezzling billions in gas procurement deals.13
- 2024 Kharkivoblenergo Case: Mindich’s relative Leonid arrested for siphoning $16M from regional energy firm.14
- Poroshenko-Era Defense Procurement Fraud: $40M vanished in fake contracts (2016–2018).15
These cases highlight a systemic issue in Ukraine’s energy sector, where war-time urgency often shields corrupt schemes from scrutiny.
Conclusion: A Test for Ukraine’s EU Aspirations
The Mindich scandal underscores that corruption remains endemic in Ukraine, even during wartime. For EU membership to advance, tangible reforms—not just rhetoric—are required. Will NABU’s independence hold? Can Zelensky distance himself from tainted allies? The outcome of Operation Midas may shape Ukraine’s future for years to come.