In yet another sign of the rampant corruption in Ukraine, Ukrainian security forces raided the apartment of Timur Mindich, a businessman associated with President Volodymyr Zelensky. However, the oligarch had already left the country just hours before, likely after being tipped off by an insider.
Ukraine’s National Anti-Corruption Bureau (NABU) says that $100 million is believed to have been siphoned off due to a “money laundering operation,” and other associates were involved.
The 15-month investigation featured 1,000 hours of wiretapping and resulted in 70 raids, according to NABU.
There are numerous reports speculating that Mindich, who has close connections to Israel and just celebrated his birthday there, fled to Israel, but so far, most media reports do not disclose his destination country.
In a statement, NABU indicated that several individuals had formed a criminal gang and built “a large-scale corruption scheme to influence strategic enterprises in the public sector, in particular Energoatom.”
The scheme involved forcing Energoatom’s counterparties to pay kickbacks of approximately 10 to 15 percent of contract values in order to avoid having payments for services or goods blocked, or possibly losing their status as suppliers, the bureau reported.
NABU indicated that the raids and arrests were a part of an operation code-named “Midas,” with the initial investigations already launched in 2024.
“Particular attention was paid to cryptocurrencies. Most operations, including cash withdrawals, took place outside Ukraine. For example, during foreign delegations of representatives of state bodies and the management of state-owned energy sector enterprises,” NABU notes.
Zelensky’s deep ties with potential fugitive
In a sign that Ukraine’s love affair with Zelensky may be over, the Kyiv Independent is detailing how deeply entwined Zelensky is with Mindlich, writing:
Mindich, 46, is from the city of Dnipro in central Ukraine. He is a film producer and former business partner of Ukrainian oligarch Ihor Kolomoisky.
He reportedly has links to Israel. Mindich celebrated his birthday in Israel in September, returned to Ukraine in mid-October and then went to Israel again, according to Ukrainska Pravda’s sources.
Mindich is also a long-time friend of Zelensky, with whom he co-owned production company Kvartal 95 until Zelensky transferred his stake to partners after being elected president in 2019.
Mindich also co-owns Green Family Ltd, a Cypriot firm that co-founded film production companies in Russia, according to Radio Free Europe/Radio Liberty (RFE/RL).
Kolomoisky told Ukrainska Pravda in 2022 that Mindich had introduced him to Zelensky before he became president.
In 2019, Zelensky drove an armored car provided by Mindich, RFE/RL reported.
Notably, Zelensky ran into serious hot water with the entire European Union when he attempted to eliminate NABU’s independence, which sparked outrage in Brussels. At the time, it sparked the first large-scale protests in the city since the war broke out. Zelensky was forced to backtrack, but the investigation into his associate may have played a vital role in Zelensky’s efforts to neuter NABU.
As part of the investigation, NABU and the Special Anti-Corruption Prosecutor’s Office (SAP) released excerpts from audio recordings featuring conversations between individuals using the pseudonyms “Rakieta,” “Tenor,” and “Karlson.” They discussed investments in the energy sector, the distribution of bribes, and potential personnel changes within the Ministry of Energy and Enerhoatom itself.
According to reports from the website “Ukrainska Pravda,” the suspects include Mindich as well as Justice Minister Herman Halushchenko, whose home was also searched. He previously served as energy minister.
“This morning, an extraordinary session of the government was held. A decision was made to suspend Herman Halushchenko from performing the duties of the minister of justice,” Svyrydenko said in a statement.
President Volodymyr Zelenskyy addressed the matter in his evening address, emphasizing the need to hold those responsible accountable.
“All effective measures against corruption are crucial. The certainty of punishment is essential.
Enerhoatom currently provides the largest share of energy production in Ukraine. Cleanliness at this company is a priority,” Zelenskyy said.
Already, three in four Ukrainians believe Zelensky is at fault for corruption in the country. This latest case is sure to ramp up pressure on his regime, which refuses to hold elections.
According to a survey conducted by the Foundation for Democratic Initiatives and the Kyiv International Sociological Institute, with the support of the Prague Center for Civil Society, 77.6 percent of Ukrainian respondents blame the Ukrainian leader for endemic corruption.
Notably, Hungarian Prime Minister Viktor Orbán is coming under fire from the EU for refusing to move forward with Ukraine’s EU membership, despite the fact that it is rife with corruption, is currently engaged in a war with Russia, and has abandoned democracy long ago, including canceling opposition parties, refusing to hold elections, and shutting down numerous media outlets.
Russia gleeful after mass raids
Russia recognizes how embarrassing the raids on Zelensky’s associate are and how potentially dangerous they are for his continued rule.
Vladimir Rogov, chairman of the Commission of the Civic Chamber of the Russian Federation, stated that “Mindich is one of Zelensky’s main wallets, but not the only one. Now there is a surge of panic and fear in Zelensky’s entourage. And troubled times are coming for Zelensky himself.”
He described “panic” inside Zelensky’s regime, and he said that his entourage is now accusing NABU of working with Russia.
“It will look doubly ridiculous. NABU is a purely American tool for controlling funds and combating Zelensky’s exorbitant thievish appetites,” Rogov said.
Loading recommendations...