One suspicion after another: why Zelenskyy's been forced to swap five or six of his "managers" for Team Ukraine
Much has changed in public discourse since the previously untouchable chief of staff, Andrii Yermak, lost his coveted seat at the president's right hand following high-profile investigations by Ukraine's anti-corruption agencies, the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialised Anti-Corruption Prosecutor's Office (SAPO), in November last year.
A meeting in President Volodymyr Zelenskyy's office after the resignation of Andrii Yermak. Photo: Office of the President
Accusations against the anti-corruption agencies have surfaced again and again in political circles and the wider ecosystem around them. Those who see everything through the lens of power struggles speak of possible behind-the-scenes deals between the president and NABU and SAPO – deals that they argue could explain why Yermak has still not been formally charged.
Those inside the government camp, on the other hand, privately accuse NABU and SAPO of pursuing a political agenda, hinting that in high-profile cases such as Operation Midas, the only people who may ultimately pay the price are those currently under investigation.
Back in July 2025, Ukraine was just two steps away from a full-scale rollback of democracy: the destruction of the last two independent law enforcement bodies and the destruction of independent media. The fact that the authorities moved in that direction clearly showed that to them, having independent anti-corruption agencies seemed more of a threat than an international scandal, public outcry, and direct accusations that they were dismantling the country's anti-corruption system.
In the end, public pressure and the first mass protests since Russia's full-scale invasion forced the authorities to back down, and the anti-corruption agencies' independence was restored. It would be another three months before the public would realise why the government had been willing to take such drastic measures, when, with the start of Operation Midas, NABU and SAPO pushed their way into the president's inner circle – and the trail led all the way to Andrii Yermak.
Then the operation slipped out of the spotlight. And it was during this long Midas lull that two officials who had been quietly removed from their posts were suddenly charged with corruption: Serhii Deineko, head of the State Border Guard Service from 2019 to 2026, and Rostyslav Shurma, the president's long-serving aide for energy and economic policy.
Sources in law enforcement told Ukrainska Pravda that Deineko was preparing to go to the front line, while Shurma and his brother were recently put on the wanted list. The sources also said Shurma had been visiting the offices of individuals linked to the Midas case, though the questions he has to answer appear to lie elsewhere [Shurma has been charged with embezzlement and money laundering – ed.].
With Midas revelations on pause, the scope for insinuations had grown so large that President Volodymyr Zelenskyy felt compelled to address it. A few days ago, he denied that Yermak's resignation had anything to do with the corruption investigation, insisting that he had "his own reasons". But one question is being asked more and more openly in the corridors of power: if Operation Midas is under NABU's jurisdiction, which top officials have they actually named and served with notices of suspicion?
Quite frankly, by 14 February many ordinary people – left with no electricity, and in some places no heating – had forgotten about last autumn's headline-grabbing NABU operation. Immediately after the New Year, Zelenskyy launched sweeping reshuffles; began meeting publicly with people he and Yermak had only recently treated as outsiders; and, most strikingly, even changed his language. No more talk of "my managers" and "my team" – now it was "Team Ukraine" all the way.
The search for corrupt people in the president's entourage was slowly but steadily fading into the background. Coming after the raids on Yermak's home, the notices of suspicion served on Deineko and Shurma drew surprisingly little public attention. Then, without warning, another long-serving powerbroker, former energy and justice minister Herman Halushchenko, boarded a train to Warsaw on Valentine's Day, triggering the next round of anti-corruption revelations. By the next morning, 15 February, NABU and SAPO had detained the former minister and brought him back to Kyiv, where he was formally charged.
So has Zelenskyy weathered the most high-profile corruption scandals of his time in office, or have they not even got going yet? Ukrainska Pravda recently tracked down two of the president's closest allies who have already "paid the price" as a result of the anti-corruption agencies' action: Tymur Mindich and Andrii Yermak.
This time, we set out to assess the chances of the president's longtime "managers" and close associates in their confrontation with the anti-corruption bodies – especially given that a fresh wave of attacks on NABU and SAPO started up a few weeks ago. The script bears a striking resemblance to the one we saw last summer, and that's unlikely to be a coincidence.
Inclined to suspicion
The fact that former energy minister Herman Halushchenko had yet to be served with a notice of suspicion had been puzzling Kyiv's political circles ever since NABU and SAPO released the Mindich tapes – in which Halushchenko features – last November.
Time and again in recent months, yours truly has heard one government official after another saying: "What exactly is the allegation? Someone met someone? Said something? Where's the money? Where are the stolen millions? Where is Halushchenko's notice of suspicion?"
Supporters of the anti-corruption agencies offered a different explanation for the lull: "You have to understand that neither NABU nor SAPO are going to jump the gun. If there's no notice of suspicion, it means there aren't sufficient legal grounds for one yet, and we have to wait."
One influential anti-corruption insider, speaking off the record, explained the logic in more practical terms: "If we had sent a request to any country about a suspect before going public, the account holder could have been tipped off immediately – and that would have been the end of it." That is why international cooperation on Operation Midas only began after the investigation entered its public phase in early November last year.
Sources in law enforcement told Ukrainska Pravda that former energy minister Herman Halushchenko, who has four children under 18, was able to leave the country almost immediately once he realised he was not a suspect in any investigation. Certain formalities still needed to be dealt with, such as obtaining official confirmation that he had no outstanding child support payments.
Skhemy (Schemes), an investigative project by Radio Liberty, published a report at the end of last year on Halushchenko's son's expensive education in Switzerland. This clearly suggested that "Sigismund" – the codename investigators reportedly used for Halushchenko in discussions about the case – did not keep his money in Ukraine.
On 16 February, NABU and SAPO publicly confirmed this theory. Halushchenko was charged with money laundering, and the Ukrainian public learned how their energy minister had "invested" millions in offshore accounts on islands that were both exotic and – significantly given the current climate – warm.
According to Ukrainska Pravda sources within law enforcement, the methods used to move and hide the money abroad could have served as a textbook for unscrupulous senior officials.
Halushchenko's own conduct during the hearings to establish his pre-trial restriction was reminiscent of that of another high-ranking defendant, former vice prime minister Oleksii Chernyshov. Besides jokes, there were constant attempts to deny any wrongdoing. The facts presented in court – such as a US$200,000 payment for his son's Swiss education – were either ignored or commented on in a way that made it difficult to verify or refute them outside formal proceedings.
Sources in political and business circles told Ukrainska Pravda that despite the public bravado of those involved, the fact that the anti-corruption agencies have been able to trace over US$100 million has seriously destabilised the criminal group.
Firstly, does any of the money belong to other influential figures in government who are not yet under suspicion?
Secondly, from Monday onwards, the Midas case has no longer been just about recordings and statements. It now includes material that could have direct links to laundered money.
Ukrainska Pravda sources within the anti-corruption agencies say the main obstacle to uncovering all of the criminal group's "wallets" remains the State Financial Monitoring Service. Although it has numerous mechanisms to track money abroad, it has so far shown little willingness to assist the investigation.
And thirdly, if these funds are located by the authorities, they will at the very least be frozen, if not confiscated entirely.
So if Halushchenko intends to keep on paying for his large family to live and study in one of Europe's most expensive countries, Switzerland, he may soon need some help from his friends and associates. Otherwise he might have to bring his family back to the country where he is held in detention – Ukraine.
He'll also need to come up with UAH 200 million (around US$4 million) in legal money for bail if he would prefer not to watch Operation Midas continue to unfold from behind bars.
A gentleman of no fortune
Numerous Ukrainska Pravda sources in political circles believe that the fact that Andrii Yermak has yet to receive any charges – despite the raids and his evident involvement in the Midas case – poses a risk to the official anti-corruption investigation. Those who could theoretically give testimony are unlikely to approach NABU as long as the former head of the President's Office still wields influence. Sources say everyone involved still has to answer to "Ali Baba" (the codename investigators used for Yermak), follow orders and attend meetings at a moment's notice.
Another risk is that Yermak can get ready for any potential charges. With time and influence on his side, he understands better than any investigation the extent of his possible involvement in the criminal group.
As Ukrainska Pravda recently reported, Yermak has been able to conduct negotiations remotely with Tymur Mindich. Sources in law enforcement stress that if Operation Midas ends badly for the political futures of the country's leaders, both Mindich and Chernyshov will have to take the blame or cooperate with prosecutors and provide incriminating evidence against other members of the group.
According to political insiders, both Mindich and Chernyshov are also in contact with Kyrylo Budanov, Yermak's successor as head of the President's Office.
People close to the former "vice president" say Yermak is spending a significant amount of time finding ways to stay in the public eye and build a positive image. It's no accident that, having gone back to his legal career, he should pop up offering to represent Ukrainian skeleton racer Vladyslav Heraskevych following his disqualification from the Winter Olympics.
As we have highlighted in previous reports, Yermak could be charged with illicit enrichment. In this context, sources advise paying attention to his asset declaration, or rather the audit of his declaration, conducted last year by the National Agency on Corruption Prevention (NACP).
The sources claim that although the NACP is required to disclose which declarations it audits, it has not published information on the full review of Yermak's 2022 declaration.
The official announcement from the NACP only came out after the audit was concluded and revealed no violations or signs of wrongdoing. If Yermak eventually does receive the much-discussed charges, this will be further evidence of the agency's poor performance and of his extraordinary influence.
One attack after another
"Evidence upon evidence" is how an influential source within the anti-corruption agencies, speaking off the record, describes NABU and SAPO's work on Operation Midas.
NABU Director Semen Kryvonos said last week during a public report on NABU's work that there has been no let-up in the attempts to put pressure on the anti-corruption agencies. As an example, he cited a recent case in which a listening device was found in the apartment of the head of a group of detectives who are working on uncovering crimes in the defence sector. The anti-corruption officials have not disclosed details of the circumstances, but it is unlikely that such an operation could have been carried out without help from the special services.
In addition, a drone was recently spotted at night above the SAPO premises, sources in law enforcement have said. Police were called to the scene. Work is currently underway to establish the provenance of the unmanned aerial vehicle.
All of these events are unfolding alongside a new wave of negative messaging on Telegram channels. A similar campaign was observed in the summer of 2025 ahead of the attempt to strip the anti-corruption bodies of their independence.
Then as now, NABU and SAPO have been accused of corruption and inefficiency. Between 12 and 26 January 2026 alone, 238 posts containing negative sentiment were recorded on social media. The vast majority of the criticism originated from anonymous or semi-anonymous users, which may indicate a coordinated information campaign.
The anti-corruption institutions insist that no attempts at interference will slow down their work, especially since Operation Midas has expanded into other jurisdictions that are prepared to cooperate and are already working with Ukrainian investigators.
So now, as in July last year, the key question is what will happen first. Will NABU and SAPO get to the bottom of all the corruption schemes in Ukraine, or will the individuals being investigated by NABU and SAPO, who still retain influence, come for NABU and SAPO themselves?
During one of the court hearings to determine the pre-trial restriction for former energy minister Herman Halushchenko, the prosecutor disclosed an important detail which suggests that those implicated in the cases are carrying out coordinated actions targeting the anti-corruption chain of command.
Correspondence presented in court indicates that Halushchenko approved the detention conditions for NABU detective Ruslan Mahamedrasulov at the Lukianivka pre-trial detention centre. Mahamedrasulov was arrested a day before the Verkhovna Rada (parliament) voted on the controversial amendments that stripped NABU and SAPO of their independence.
According to the case materials, on 21 July 2025 Deputy Justice Minister Yevhen Pikalov informed then-justice minister Halushchenko that the Security Service of Ukraine had requested that a "free cell with unpleasant neighbours" should be made ready for Mahamedrasulov.
Pikalov sent Halushchenko a photograph of the cell. Halushchenko replied to the message with a single "+".
Mahamedrasulov had played a key role in Operation Midas, investigating embezzlement in the energy sector. In other words, the former energy minister had approved harsh detention conditions for a detective who was investigating alleged unlawful actions by the energy minister himself.
Tollgate-95
The setback that befell Halushchenko as he was leaving the country – although he has insisted in the court hearings that he had no intention of fleeing – has alarmed many potential targets of NABU investigations, Ukrainska Pravda sources in business circles say.
For instance, Ukrainska Pravda readers sent in a photograph of Serhii Shefir, former first aide to the president and co-owner, with Tymur Mindich, of Kvartal 95 (the TV production company Zelenskyy founded before he became president), at Warsaw airport. The photograph was taken the day after Halushchenko was served with a notice of suspicion.
Subsequently, readers reported spotting a man resembling Shefir on a flight from Warsaw to Geneva.
Again, it's purely coincidental that Switzerland is where Halushchenko's family has settled (Halushchenko claims he was travelling to see them when he was removed from the train).
According to materials from the investigation that have been made public by NABU and SAPO, Halushchenko began setting up a chain of offshore companies to launder money as long ago as early 2021, before the full-scale invasion. Sources in political and business circles say the energy sector may have been overseen by Shefir at the time. In a comment to Ukrainska Pravda, Shefir confirmed that he had left the country: "Yes, I travelled abroad on personal business, and this is in no way connected with the NABU investigation. I will be back in Kyiv this weekend."
However, the most striking coincidence, as noted by Ukrainska Pravda sources in business and law enforcement circles, concerns the number of the order that made the embezzlement scheme in the energy sector known as "the tollgate" possible: Order No. 95.
That's Order No. 95 dated 2 August 2024, entitled "On the inclusion of the Joint Stock Company National Nuclear Energy Generating Company Energoatom in the list of companies that are debtors in enforcement proceedings, the execution of which is suspended for the period of martial law".
NABU has established that it was this order that enabled a group of officials, including Halushchenko and Tymur Mindich (organiser of the scheme and co-owner of Kvartal 95), to obtain extraordinary powers.
"The main activity of the criminal organisation was the systematic receipt of illegal benefits from Energoatom's contractors in the amount of 10% to 15% of the contract value. In particular, Energoatom's contractors were forced to pay kickbacks to avoid having payments for their services/products blocked or losing their supplier status. This practice was called 'shlahbaum' ('barrier' [or 'tollgate', since you either share your margin or are left standing at closed doors])."
Author: Mykhailo Tkach
Translation: Ganna Bryedova, Tetiana Buchkovska and Anna Kybukevych
Editing: Teresa Pearce