Operation "Midas": How Anti-Corruption Authorities Exposed a $100 Million Scheme in Ukraine’s Energy Sector
Ukraine’s anti-corruption agencies have launched one of the largest operations in the energy sector in recent years. The operation was named “Midas.” According to NABU and SAP, the amount of laundered illegal funds reached about 100 million US dollars. The organizers of the scheme built a complex network of influence over strategic state-owned enterprises, primarily the national energy giant JSC “NAEK Energoatom.”
The main line of activity of the criminal organization was the systematic receipt of unlawful benefits from Energoatom contractors, ranging from 10% to 15% of contract value. This practice was called the “barrier.” Contractors were forced to pay kickbacks to avoid payment blocks for provided services or goods, or to retain supplier status. According to the investigation, these terms were imposed through influence on staffing decisions, procurement control, and management of cash flows within enterprises.
Among the figures in the case are NERC member Serhiy Pushkar, businessman Tymur Mindich, former Energoatom executive director Dmytro Basov, and former advisor to the Minister of Energy Ihor Myroniuk. The investigation established that the organization operated through official connections in government structures, staffing control, and coordinated actions through a separate office located in the center of Kyiv. Importantly, the premises of this office were linked to the family of Andriy Derkach a former member of parliament who is now a senator in the Russian Federation.
The office in central Kyiv became the hub for money laundering. There, “black bookkeeping” was kept, as well as audio recordings and documents about the cash flow, which moved through a network of non-resident companies. Some operations, including cash disbursements, were organized outside of Ukraine. For providing money laundering services to third-party clients, the office received a percentage of the processed sums. NABU detectives documented the scheme: “In total, about 100 million US dollars passed through the so-called ‘laundry.’”
The Official Government Response
The President’s Office promptly reacted to the investigation. Presidential communications advisor Dmytro Lytvyncommented: “It is obvious that there must be the inevitability of punishment, and if such an accusation exists there must be suspicions and other necessary procedural actions, so we support this.” According to him, the President’s Office will support all necessary further steps if NABU and SAP make more details public.
NABU and SAP collected evidence for 15 months. In total over 1,000 hours of audio recordings, documents, black bookkeeping, and electronic traces of financial flows. The organization had strict records of received funds, conducted foreign currency operations, and ensured control over staffing appointments in state companies.
According to the investigation, the Ukrainian “laundry” office belonged to the family of Andriy Derkach, a former member of the Ukrainian parliament who lost his citizenship and is under US sanctions for attempts to interfere in elections. Derkach himself became a Russian Federation senator in 2024.
Post List
On the morning of November 10, NABU officers conducted searches in Kyiv and other cities. Some of the suspects, including businessman Tymur Mindich, left the territory of Ukraine before investigative actions began. “Mindich fled the country at night, a few hours before the searches,” sources confirmed.
The investigation continues. The searches covered a number of top officials, and the case involves participants from various government structures and businesses.
The “Midas” case can be considered a marker of systemic anti-corruption efforts at the strategic state level. It combines the influence of business, politics, and organized crime through state enterprises and regulatory bodies. There is a high public demand for real results in this case. As Dmytro Lytvyn emphasized: “It is obvious that there must be the inevitability of punishment.”
The effectiveness of NABU and SAP’s work in this case will determine trust in anti-corruption institutions. The government must publicly support the process, bring the case to court, and ensure real sentences for those involved.
Operation “Midas” is a real test for Ukraine’s anti-corruption system and a sign that the scale and mechanisms of embezzlement in the energy sector still require systematic control. The main task is not only to record violations but to ensure the inevitability of punishment and complete transparency of the process.
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