Head of the Institute of Legislative Ideas Tetiana Khutor discussed the prospects of recovering stolen funds in the “Midas” case

The majority of funds in the “Midas” case are located in foreign jurisdictions, and their recovery will be a complex and lengthy process dependent on international cooperation and the effectiveness of Ukrainian authorities. This is stated in an article by ILI Head Tetiana Khutor published in Ekonomichna Pravda.

“The assets were concealed through offshore structures in the Marshall Islands, Anguilla, and Saint Kitts and Nevis – everything was designed to make confiscation as difficult as possible. At the same time, part of the transactions were conducted in U.S. dollars, which opens the door to involving the United States, given its strong anti-money laundering mechanisms,” the expert explained.

She also noted that Switzerland, where part of the funds were transferred, is one of the global leaders in recovering illicit assets. As of February 2026, it has returned more than $2 billion to various countries.

“Its legislation allows for the freezing and confiscation of assets not only of officials but also of their close relatives. Ukraine has a legal framework for cooperation with Switzerland, enabling it to obtain information about accounts and formally request legal assistance. However, even here everything depends on the speed of Ukrainian court decisions,” Tetiana Khutor said.

However, she reminded that Ukraine does not have a universal mechanism for confiscating assets prior to a final criminal conviction. Civil forfeiture of unjustified assets applies only to a limited category of public officials. Most individuals involved in the “Midas” case do not fall under this category.

“The sanctions mechanism introduced after 2022 will not help either: it provides for the confiscation of assets belonging to individuals who support aggression against Ukraine, but in this case such a link is legally difficult to prove. As practice shows, confiscation within criminal proceedings can take years – or may not happen at all due to case closure or expiration of the statute of limitations,” the ILI Head’s publication states.

Tetiana Khutor emphasized that Ukraine must create effective tools for confiscating assets without waiting for a final court verdict – if there are no lawful sources explaining the origin of property belonging to a suspect or related persons. This is not only a matter of justice but also an international obligation under the rule of law roadmap.

“For now, the assets of those involved in the ‘Midas’ case will likely remain frozen for a long time instead of working for the benefit of the state. ‘Midas’ is not a test of how loud the suspicions are, but of the state’s ability to recover money. Until corrupt officials risk losing their stolen millions, the system is unlikely to change,” the expert concluded.