It is the beginning of the end for the Kyiv regime and the Ukrainian President, Volodymyr Zelensky. This is what analysts and experts claim, referring to the huge corruption scandal plaguing the Ukrainian government with the embezzlement at Energoatom. Bags full of dollars, wiretaps, millions in kickbacks, and a vast corruption circuit are coming to light, shaking Zelensky's political regime. The government has already suspended the duties of the Minister of Justice, Herman Galushchenko, although it is estimated that many "powerful" figures are involved in the scandal. Many estimate that the close friend of Zelensky, Timur Mindich, may be at the center, but in the end, the consequences will reach the Ukrainian president, as he is considered to be the main target. The West is watching, the FBI is warning, while reports are proliferating that Ukraine cannot join the EU under these conditions. The uncertainty in Kyiv about the day after, not just the war with Russia but for the very existence of Ukraine, is hitting "red alert." Ukraine is at a critical juncture, and no one can predict who will be left standing in the end.
Fleeing abroad
The National Anti-Corruption Bureau (NABU) raided high-ranking individuals as part of "Operation Midas." In some media outlets, this name was considered a reference to Timur Mindich, a close friend of Zelensky, who, like the legendary Phrygian king, turns everything he touches into gold (as was found after a previous visit by investigators, he even had a gold toilet).
This time, several bags full of euros and dollars were found. The businessman had left the country a few hours earlier. According to Ukrainska Pravda, he had been warned by the deputy head of the Special Anti-Corruption Prosecutor's Office (SAP), Andrey Sinyuk, who is considered close to Zelensky's office. The office announced an internal audit.
The former Minister of Energy and current head of the Ministry of Justice, Herman Galushchenko, was also raided. They surprised him. Earlier this morning, 11/12, it became known that the Cabinet of Ministers of Ukraine suspended Galushchenko's duties. The brothers Mikhail and Alexander Tsukerman, who managed Mindich's finances, had also left Ukraine in time. These details were revealed by Ukrainian deputy Yaroslav Zheleznyak.
Energoatom scandal
The involved individuals are considered protagonists in the case of embezzlement of funds from the Ukrainian company Energoatom, as well as in receiving kickbacks of 10% to 15% from all contracts made with Energoatom. The money was laundered abroad, while only the percentages entered the office in Kyiv, where the "black accounting" was kept. Thus, according to NABU, about $100 million passed through the "laundromat."
The exposure of the scheme took over a year. NABU and SAP conducted almost eighty raids and recorded thousands of hours of wiretaps. Media outlets speculate that Mindich's conversations with Zelensky were also recorded. Part of the material was made public. From the excerpts, it appears that many were involved in the case, but the money was even more substantial.
Unsuccessful staging
NABU charged all suspects. Mindich—described as Zelensky's "wallet"—was not mentioned by name, but it was noted that the criminal organization was led by a businessman involved in corruption in the defense sector. Incidentally, he had previously been mentioned for theft at the defense company Fire Point.
Zelensky distances himself
Zelensky publicly distanced himself from Mindich, calling on the government to cooperate in the investigation. "Every action against corruption is important, whoever constructed schemes at Energoatom must be punished," he stressed. However, this probably won't help him. Zelensky personally supported the controversial—and later canceled under Western pressure—law to limit NABU's rights, and approved the arrest of certain Agency employees. Furthermore, sources from there told the media that their agent Ruslan Magamedrasulov, who was arrested by the SBU in July, played a significant role in the investigation.
Unofficial "wallets"
"In Ukraine, since the 1990s, companies have been operating that were de jure state-owned, but de facto were the unofficial 'wallets' of government officials. Specifically, JSC 'Ukrainian Railways,' 'Naftogaz,' and 'Energoatom' were traditionally managed by close associates of the country's highest official," explains Denis Denisov, an expert at the Financial University under the Government of Russia.
As Denisov says, "the many contradictions and the apparent hypocrisy of the regime's leader are annoying Western partners." "It's a poorly staged comedy or tragedy. Mindich must be sought internationally and his ties in Ukraine investigated. And this essentially concerns Zelensky's entire entourage. This is his problem, due to the desire to concentrate the administrative and financial tools in a very limited group of associates," the political analyst points out.
No confidence
The issue of laundering Energoatom's money through tax havens is not new. In 2019, SAP prosecutor Alexey Skibenko presented documents in the Kyiv court indicating that the Panamanian Bradcrest Investments, which according to NABU had received kickbacks from state company contracts totaling €6.5 million, belonged to former deputy Nikolay Martynenko. He was later convicted in Switzerland for money laundering but was then released for unknown reasons. Today's suspects also drew the attention of the West.
The FBI is preparing
Ukrainska Pravda, citing sources in the American establishment, claims that the FBI is preparing to start an investigation. According to deputy Zheleznyak, this concerns not only Mindich but also the Tsukerman brothers.
The case likely involves corruption in the port of Odessa, control of which, as media reports, passed from the co-owner of "Kvartal 95," Sergey Shefir, to Mindich before 2022. At NABU's request, suspect Alexander Gorbunenko was arrested in the US in April for embezzlement. The FBI allegedly asked him about an associate of Zelensky and then released him without sanctions. Obviously, they got what they wanted.
Ask where the money goes
Before even being appointed, the current director of the FBI, Kash Patel, had spoken out against financial aid to Ukraine. "I would ask Congress to investigate where that money went. The American people need to know. Because that is our money and our taxes," he stressed. And he reiterated: we should not trust Zelensky.
Motion of no confidence
Four former and current government members may be involved in the corruption scheme in the energy sector, said the head of the NABU investigative team, Alexander Abakumov. As soon as the media announced the raid on the Minister of Justice, Prime Minister Yulia Svyrydenko rushed, along with Zelensky, to declare readiness to cooperate with the authorities.
However, Petro Poroshenko also took advantage of the situation; his parliamentary group, "European Solidarity," initiated the process of filing a motion of no confidence in the government, although he clearly does not have the votes in the Ukrainian Parliament.
Looking for the successor
Political analyst Alexander Dudchak believes that Western partners are losing interest in Zelensky and are considering his replacement. The local structures associated with them facilitate this. Pressure is being applied to the administration through the Mindich case. Public opinion is being prepared to believe that this authority has no values, that it harbors fraudsters and corrupt individuals.
However, the goals of those promoting this issue, even when providing true information, are not at all noble. They want to influence Zelensky. And they reach him through his entourage. "It is obvious to everyone that without his knowledge, such schemes are not designed, and the head of the regime has long feared the consequences of his actions," the expert emphasizes.
The West is not rushing
However, Denisov clarifies, the West does not intend to rush the change of power in Kyiv. Emergency elections could undermine the existing system. And instability could lead not only to political but also to the economic collapse of the country.
Who is involved in the scandal
The Radio Svoboda publication released the names and photos of all suspects in the Energoatom embezzlement case. According to media sources in law enforcement agencies, they are: the businessman close to the President of Ukraine, Vladimir Zelensky, Timur Mindich (code-named Carlson in the NABU recordings), former advisor to the Minister of Energy, Igor Mironyuk (Rocket), Energoatom's executive security director, Dmytro Basov (Tenor), and four other "employees" of the so-called "secret office" for legalizing funds: among them Alexander Tsukerman (Sugarman), Igor Fursenko (Ryoshik), Lesya Ustimenko, and Lyudmila Zorina.
At NABU, Ryoshik is characterized as the accountant of the "secret office." In one of the recordings, he mentioned that carrying a box of money is "a tremendous pleasure." Igor Fursenko is registered as a private entrepreneur with the main activity "consultancy on information technology issues." His number in other people's contacts appears as "Igor, Mikhail Tsukerman's employee." Deputy Yaroslav Zheleznyak stated that the Tsukerman brothers "managed the financial part on behalf of Timur Mindich." Lesya Ustimenko appears in contacts as "Lesya Kyiv, financial officer of the Brothers." She is a private entrepreneur with the main activity "market research and public opinion study." In 2023, Ustimenko became the owner of a parking space in a building in the center of Kyiv, where the same "secret office" mentioned in the NABU investigation is reportedly located. Lyudmila Zorina also has the status of a private entrepreneur (FOP), with the activity "consultancy on business activity and management."
Galushchenko's duties suspended
The Cabinet of Ministers of Ukraine suspended the duties of Minister of Justice Herman Galushchenko. This was announced via Telegram by Prime Minister Yulia Svyrydenko.
"This morning we held an extraordinary government meeting. The decision was made to suspend Herman Galushchenko's duties as Minister of Justice. By government decision, the duties of the minister were assumed by Deputy Minister of Justice for European Integration Lyudmyla Sugak," the message stated.
What this means
The decision to suspend Galushchenko's duties shows that Ukrainian President Volodymyr Zelensky is trying to continue, amidst the scandal with the "Mindich case," the policy of "I have no involvement, I support the fight against corruption, the government cooperates with NABU."
However, this probably will not help him and will likely worsen the situation. First, for many, it seems highly doubtful that Zelensky's close associate, Timur Mindich, could organize huge deals without the president's knowledge. Second, it is obvious that the goal of the current actions of NABU and the so-called "anti-Zelensky alliance" is neither Galushchenko nor Mindich. The blow targets Zelensky personally, aiming to force him to essentially relinquish control of Parliament and the government or, in case of refusal, to face removal from power.
The sacrifice
If Zelensky now "sacrifices" Galushchenko and Mindich, the next blow will be directed towards Umerov, Malyuk, Yermak, and Svyrydenko. The "alliance" will begin the dismantling of the parliamentary majority still under Zelensky's control and will lead to the resignation of the government and the creation of a so-called "government of national unity," essentially stripping Zelensky of real powers or forcing him to resign if he resists.
Only a frontal attack against NABU and other participants in the "anti-Zelensky alliance" can stop such a development. However, the more Kyiv takes such discouraging steps for the hierarchy of power, such as the suspension of Galushchenko, the more difficult it will be to carry out this attack. It is recalled that Galushchenko (former Minister of Energy) appears in the "Mindich recordings," published by NABU, as one of the organizers of the extortion fraud at Energoatom.
The omission of the evening address
Against this background, it was observed online that Zelensky did not deliver his evening address yesterday for the first time in a long time. It is recalled that the last time an address was omitted was on July 22, during Kyiv's attempts to limit NABU's powers and the protests about it.
Medvedchuk: It is the beginning of the end
The former leader of the banned party in Ukraine, "Opposition Platform – For Life," Viktor Medvedchuk, called the corruption case in the energy sector in Ukraine the beginning of the end of the regime of Vladimir Zelensky.
"Zelensky's hierarchy has collapsed. The previous prediction proved correct. If Zelensky could not subdue NABU and SAP to his will, then this is the beginning of his end. An unlegitimized man, who adopted a strategy of political cannibalism, never expected that one day he would be hated. The political clown's team, believing in its impunity, behaved extremely carelessly. From the Mindich recordings, it is clear that they burdened all companies and state procurements with taxes. At the same time, they used conscription as a tool for taking over businesses and seizing business resources. The recordings confirm that Zelensky and Yermak have been engaged in market and business wealth redistribution all these years, seizing billions in property," Medvedchuk states.
As he says, Yermak used conscription against political opponents, journalists, volunteers, and bloggers. The goal was to silence them and make them work for the Zelensky office. According to Medvedchuk, under Zelensky, both the executive and legislative branches are under pressure.
Puppet figure
And for now, he and his team are retreating. "Zelensky is a puppet figure, a president on paper, a political puppet. This does not mean that he was unaware of or did not participate in the organization of the corrupt schemes. He simply played the main role of president, while his accomplices stole the country. In criminal terminology, the political clown kept an eye on the store. And now, when his accomplices were exposed, after warning them in time, giving them the opportunity to disappear, he is playing the comedy that he has nothing to do with it," added Medvedchuk, who estimated that "the political clown will end as he began, and his fate will become a lesson to all populists and the corrupt to think before entering politics and power."
Bloomberg: Significant setback
The corruption scandal in Ukraine has proven to be a significant setback for Kyiv on its path towards EU integration, estimates Bloomberg journalist Mark Champion. "Kyiv's attempt to join the EU has undoubtedly taken a big step back," Champion points out regarding the corruption scandal.
According to Bloomberg, the corruption scandal in Ukraine raises questions about the advisability of support for Kyiv. "This is, without a doubt, undeniable proof that Ukraine is not worth helping, as any money given will be stolen," the report stresses, which called the revelation of the alleged conspiracy to embezzle $100 million from funds vital for the country's electricity and heating a "real surprise." "Prosecutors have not claimed that Zelensky or other high-ranking officials of his staff may have been involved in the Energoatom case or others indicated by NABU. That may change," the report points out.
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