Three Swiss banks and the $7.4 million trail in Ukraine’s nuclear graft case

The record

A supplier to Ukraine’s state nuclear operator faced a choice, according to investigators: pay a cut of the contract or risk having payments blocked. On 4 November, Ukraine’s National Anti-Corruption Bureau (NABU) and its specialised anti-corruption prosecutors (SAPO) announced that they had completed their pre-trial investigation in Operation Midas and opened the case materials to the parties. [1][4]

Investigators say the group collected 10 to 15 per cent of the value of contracts from suppliers to Energoatom and other energy enterprises. They trace more than US$111 million and €12 million in cash from the energy sector to an office the group allegedly used to launder money between 2020 and 2025. Energoatom says the case caused no damage to its assets or financial position. [1][5]

How the money reached Switzerland

The Swiss trail runs through a fund registered in Anguilla in February 2021. In a February 2026 notice concerning former energy minister Herman Halushchenko, NABU described two Marshall Islands companies held through a trust in Saint Kitts and Nevis. Members of his family were listed as beneficiaries. The companies bought fund shares. Investigators say members of the group then transferred money into the fund’s accounts at three Swiss banks. [2][3]

NABU puts transfers to fund accounts managed by the family at more than US$7.4 million. It separately describes cash deliveries to the family in Switzerland exceeding CHF1.3 million and amounting to €2.4 million. The wider cash total concerns the group’s collection office. The public filings give no breakdown by Swiss bank and name none of the three institutions. [1][2]

Halushchenko denies wrongdoing. In October, Ukraine’s High Anti-Corruption Court allowed him to remove his electronic monitor but kept other restrictions in place. The November disclosure brings the main inquiry a step closer to trial. Investigators say separate bribery and laundering proceedings are continuing, along with efforts to locate and seize assets in Ukraine and abroad. [1][3]