Midas case criminal group laundered US$12.9m for former energy minister, investigators say

Investigators have said a criminal organisation implicated in the Midas case laundered US$12.9 million in corrupt funds for Herman Halushchenko, former Ukrainian energy minister. Documents from the case list Halushchenko by the codename "Sigismund".

Source: fresh audio recordings released by the National Anti-Corruption Bureau (NABU)

Quote: "Evidence obtained by detectives shows that US$12.9 million was laundered for the benefit of Sigismund from 2021 to 2025."

Details: The money was mainly transferred to and accumulated in accounts held by a foundation at Swiss banks, before being placed in deposits. The investigators said Sigismund's family had been receiving additional income from the deposits.

NABU said that while Halushchenko served as energy minister, more than US$7.4 million was transferred to accounts of companies registered in the Marshall Islands, while almost US$4 million was withdrawn in cash in Switzerland.

Detectives reported that some of the funds were spent on children's education at prestigious Swiss institutions, while others were kept in accounts held by Halushchenko's former wife. The tapes also mention spending on medical services at a clinic owned by "Sugarman" – Oleksandr Tsukerman, another suspect in the case – and on luxury clothing at boutiques in Kyiv.

Money stolen from the energy sector and delivered to the criminal organisation's office was recorded in secret ledgers under the heading "Complex".

NABU said more than US$112 million may have passed under this category between 2021 and 2025, with records separately listing sums linked to "Sigismund" and the methods used to launder them.

The Bureau said cryptoassets were used to launder the money, which was then either credited to a Swiss foundation's accounts or paid out in cash to Halushchenko's former wife.

Background: Former Ukrainian energy and justice minister Herman Halushchenko, who is a suspect in the Operation Midas case into alleged corruption linked to Ukraine's nuclear power company Energoatom, has been remanded in custody with the option of posting bail of UAH 200 million (US$4.6 million).

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