Ukraine’s former Energy and Justice Minister Herman Halushchenko has been indicted, suspected of large-scale money laundering after allegedly channeling at least one billion kronor to a tax haven, while his family lived a life of luxury in Switzerland. During the ongoing war, Sweden’s Energy Minister Ebba Busch (Christian Democrats) has met the corruption-suspected minister on several occasions and praised him for his work, which she says Sweden has much to learn from.
The indictment is part of a wide-ranging corruption scandal being investigated under the name Operation Midas and covers around 112 million dollars—over one billion kronor—in Ukraine’s state nuclear power sector. The scandal has shaken President Volodymyr Zelenskyy’s inner circle, where several of his closest ministers and aides have been forced to resign.
According to Ukraine’s National Anti-Corruption Bureau (NABU), Herman Halushchenko and his family members are accused of seizing money and placing it in a fictitious investment fund, created to launder money siphoned from the state energy company Energoatom.
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Furthermore, the fund is said to have been managed by a long-time associate of the group, a citizen of Seychelles and Saint Kitts and Nevis, who allegedly provided money laundering services.
“To conceal his involvement, two companies were created in the Marshall Islands, integrated into the structure of a trust registered in Saint Kitts and Nevis. The high-ranking official’s ex-wife and four children were registered as the beneficiaries of the companies,” NABU said in a statement on Monday.
The authorities say the companies formally entered as investors in the fund, while the group transferred money to the fund’s accounts in three Swiss banks—all to Halushchenko’s benefit.
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NABU did not mention Herman Halushchenko by name but described him as Ukraine’s Energy Minister in 2021–2025, which matches as he was the only one holding the office throughout the period. In 2025, Ukraine’s president, Volodymyr Zelenskyy, appointed Halushchenko as the new Justice Minister—but he did not remain long when the corruption allegations escalated.
Lived a Life of Luxury in Switzerland
Investigators, aided by anti-corruption authorities in 13 different countries, have been able to trace how the money was transferred from the fund to accounts in Swiss banks. Of the sum of 112 million dollars that Halushchenko is said to have seized with his accomplices, a certain part of the money has been traced.
“Over 7.4 million dollars was transferred to the fund’s accounts, managed by the suspect’s family. Another over 1.3 million Swiss francs and 2.4 million euros were distributed in cash and transferred directly to the family in Switzerland,” NABU reported, as have Ukrainian media highlighted.
Some of the money was used to finance the children’s education at prestigious schools in Switzerland and was placed in the ex-wife’s accounts. The rest was deposited into bank accounts from which the family received further returns, used for their own needs and consumption.
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Herman Halushchenko denies any crime, while over the weekend he attempted to flee Ukraine but was caught when trying to cross the border. Parliament had already dismissed him from his latest post as Justice Minister in November, as the corruption investigation expanded.
This week, it is confirmed that he is indicted for money laundering and participation in a criminal organization. Halushchenko now faces up to twelve years in prison.
See the Ukrainian anti-corruption agency NABU’s Facebook post below:
Praised by Government: “Sweden Has Much to Learn from Ukraine”
The Swedish government, including the Minister for Energy and Deputy Prime Minister Ebba Busch (Christian Democrats), has met Herman Halushchenko in his various roles as Ukraine’s Energy and Justice Minister and has worked to increase support from Swedish taxpayers.
During one of the visits, Busch was given a tour in Ukraine to ensure that support would continue to flow to the country—support which, according to the investigation, he himself and his family benefited personally from.
In a Facebook post, Ebba Busch, among other things, praised the now-accused minister as a role model, claiming that he had transformed Ukraine’s energy sector. It is highly unclear what he actually achieved besides now standing accused of laundering enormous sums.
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“Ukraine’s energy sector under German’s [English spelling of the name, editor’s note] leadership has taught the EU how important a secure energy supply is. Sweden has much to learn from Ukraine.”
In a video at a joint press conference, the corruption-accused Ukrainian minister was addressed as an “honor” to meet him. Meanwhile, Ukrainian minister Herman Halushchenko warned the Swedish minister and others present at the press conference not to be influenced by Russia.
– We will stand by Ukraine as long as needed, Busch declared to Halushchenko.