Head of ILI Tetiana Khutor spoke on Radio NV about the next steps in the “Midas” investigation

The detention of one of the key figures in the “Midas” case, Herman Halushchenko – who had previously been accused of organizing a scheme to legalize criminal assets – has become a positive signal for Ukraine’s anti-corruption system. This was stated by the Head of the Institute of Legislative Ideas, Tetiana Khutor, on Radio NV.

“Unlike other suspects, including Tymur Mindich, who managed to leave the country, Halushchenko was detained in Ukraine, which significantly increases the chances of an effective investigation. In wartime conditions, the extradition procedure is extremely complicated, so his presence in the country is considered a crucial factor,” the expert emphasized.

Tetiana Khutor recalled that the court imposed a preventive measure on Halushchenko in the form of detention with the alternative of bail set at UAH 200 million. Although the prosecution insisted on UAH 425 million, even the determined amount is substantial.

“If bail is posted, the funds will come from third parties who must confirm their lawful origin. These could be law firms, individuals, or businesspeople who will have to take the risk. We hope that the State Financial Monitoring Service will monitor the origin of these funds as carefully as in other cases, whether less or more political,” the Head of ILI noted.

The expert outlined several possible scenarios: posting bail and release from pre-trial detention; lengthy court proceedings that could last for years; or reaching a plea agreement with the investigation. It is also possible that the case will not be limited to one suspect and that new notices of suspicion may soon be issued to other individuals.

“Many understand that Halushchenko is certainly not the central figure in the ‘Midas’ case acting solely in his own interests. He had his share in it – at least $9 million allegedly went to him for organizing the asset legalization scheme and beyond. Even before the full-scale invasion, Halushchenko was one of the organizers of this scheme, but he is not its only beneficiary,” Tetiana Khutor stated.

According to her, special emphasis is being placed on the need for a parallel financial investigation. This concerns at least $112 million in diverted assets, as well as other possible funds both abroad and in Ukraine. The expert stressed that recovering the money may be a faster and more realistic task than obtaining convictions.

“In this context, the Institute of Legislative Ideas is working on initiatives to expand civil asset confiscation mechanisms. This involves enabling the recovery of unjustified assets not only from suspects but also from related third parties through a simplified procedure, without waiting for a court verdict. Similar mechanisms already apply to sanctioned individuals, but we insist on expanding them to more effectively combat corruption schemes,” Tetiana Khutor said.

However, the Head of ILI noted that the prospects for the swift adoption of the necessary legislative amendments remain uncertain due to low parliamentary activity. At the same time, she emphasized that if the state demonstrates the ability not only to investigate high-profile cases but also to actually recover assets, this will send a powerful signal about the inevitability of accountability and the absence of “untouchables.”

The full recording of the broadcast is available here: