KYIV, Ukraine (AP) - Before his name came to the fore in the revelations of a multimillion-dollar embezzlement and bribery scandal involving Ukraine's state-run nuclear power company, Timur Mindich was a shadowy figure - making deals and moving behind the scenes with an invisible influence that many knew about but rarely talked about.
Mindich has been associated with growing concerns about his expanding influence in the country's lucrative industries, his access to which has been facilitated by his ties to President Volodymyr Zelensky. The two were once business partners, and Mindich's influence expanded during Zelensky's tenure. The full extent of that influence was revealed this week when Ukraine's anti-corruption watchdogs released the results of a 15-month investigation into a $100 million embezzlement scheme involving top officials and Ukraine's state nuclear power company, accusing Mindich of being the mastermind behind the plot.
Mindich has fled the country and any criminal proceedings against him are likely to be conducted in absentia. Two top government ministers have resigned. Ukrainian officials, experts and activists say Mindich's rise to power is closely linked to his privileged relationship with the president and Zelensky's inner circle. „What we heard as rumours now has some evidence,“ said activist Tatyana Shevchuk of the Ukrainian Anti-Corruption Action Centre. „We have long heard that Timur Mindich is the shadow controller of the energy sector.“
The Entertainment Tycoon
Until Zelensky's presidency, Mindich (46) was just one of many wealthy Ukrainian businessmen in the entertainment industry. Mindich was a co-owner of Zelensky's production company Kvartal 95, named after the comedy troupe that helped catapult the Ukrainian president to fame as a comedian before he entered politics. Zelensky transferred his stake in the company to his associates after his election.
Despite the expansion of his business portfolio since Zelensky's election, Mindich has maintained ties with the entertainment world. Until the corruption investigation was revealed this week, he was the producer of the YouTube comedy show „Stadium Family.“ In light of the scandal and his tarnished reputation, the show's owners cut him this week. He is also related to Leonid Mindich, who local reports say was arrested by Ukrainian anti-corruption watchdogs in June while trying to flee the country; Leonid was accused of embezzling $16 million from an energy company.
Stand up under Zelensky
The close friendship between Zelensky and Mindich is documented. The president used Mindich's armored car during the final stretch of his 2019 presidential campaign. In January 2021, Zelensky celebrated his birthday at Mindich's apartment during the COVID epidemic. The two own apartments in the same building.
After Zelensky Victory Mindich's political ties have grown in the 2019 presidential election. He was a close business partner of Ukrainian oligarch Igor Kolomoisky, who supported Zelensky's presidential campaign. Zelensky later cut ties with the billionaire, and in 2023 Kolomoisky was arrested by Ukrainian security services on charges of fraud and money laundering.
Companies once associated with Kolomoisky began claiming that Mindich was now their beneficiary. „Gradually, over three years, he has become not an oligarch, but a well-known businessman interested in a lot of deals,“ said Shevchuk, an anti-corruption activist. These include farms and the nationalised SENSE bank. But his name, according to current and former Ukrainian officials, activists and experts, has appeared most often in connection with state-owned energy companies.
Ukrainian activists say that without his close association with Zelensky, it would have been impossible for Mindich to consolidate his rise. Mindich „would never have been in politics, would never have been in a position of power or business without his association with Zelensky, and this situation is even worse because it's happening during a war and it's related to energy infrastructure at a time when Ukrainians don't have electricity in their homes,“ Shevchuk said.
The alleged mastermind
The case against Mindich rests on 1,000 hours of wiretaps revealing his significant influence over Herman Halushchenko, Ukraine's energy minister from 2021-2025 until he was appointed justice minister in July. Halushchenko resigned from that post after the investigation became public this week.
Although he is rarely named as a direct beneficiary in official documents, investigators cite extensive wiretap evidence that allegedly shows Mindich had control of a network of loyal henchmen who pressured contractors at state nuclear power company Energoatom and demanded bribes of up to 15 % to bypass bureaucratic hurdles and run their business smoothly.
Investigators allege that illicit funds were siphoned off, laundered through shell companies and funneled into the pockets of Mindich and his associates. These findings, gathered by the National Anti-Corruption Bureau of Ukraine, known as NABU, and the Specialized Anti-Corruption Prosecutor's Office, or SAPO, will be central to any future legal proceedings.
Possible drone dealer
NABU is also investigating Mindich's alleged negotiations with Ukraine's largest drone manufacturer, Fire Point, but has not yet revealed its findings. Fire Point, which develops deep-strike drones capable of hitting targets on Russian territory, has denied any such deals. Ukraine's domestic drone industry has seen a rapid and remarkable rise, driven by wartime innovations and pressing military demands.
What was once a fringe sector has quickly developed into a formidable technological force in just a few years. Fire Point is among the local companies and startups that have rapidly developed advanced drones for reconnaissance, surveillance and combat operations, backed by growing investment. The NABU investigation is determining whether Mindich is the ultimate beneficiary of the company.
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