NABU Uncovers $4M Corruption Scheme at Energoatom Hydropower Project

Ukraine’s National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) said they uncovered a large-scale corruption scheme involving the alleged embezzlement of nearly Hr.170 million ($4 million) from state-owned energy company Energoatom.

The case centers on the construction of the Tashlyk Pumped Storage Hydroelectric Power Plant (PSHPP), a critical energy infrastructure project, in southern Ukraine’s Mykolaiv region.

According to investigators on Tuesday, two people have been named as suspects: the alleged organizer of the scheme, described as the beneficial owner of several companies involved in the project, and a former department head at Atomproektengineering, a separate division of Energoatom.

NABU said a company owned by the organizer was responsible for construction at the facility. Despite repeated delays and the company’s entry into bankruptcy proceedings, Energoatom officials allegedly continued to sign additional agreements with the contractor, modify the scope of work, and extend deadlines.

Investigators believe this was made possible through the company owner’s influence over Energoatom officials.

According to NABU, one of more than 70 additional agreements involved the purchase of an automated control system for the hydropower plant worth more than Hr.305 million ($7.3 million).

The equipment was allegedly purchased through a foreign company controlled by the scheme’s organizer, allowing the price to be artificially inflated by nearly Hr.170 million ($4 million).

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The suspects are being investigated under Part 5 of Article 191 of Ukraine’s Criminal Code, which covers the misappropriation or embezzlement of property on an especially large scale.

NABU said the alleged organizer was detained, while investigators continue to identify other individuals who may have been involved in the scheme.

What is the Tashlyk project?

The Tashlyk Pumped Storage Hydroelectric Power Plant is part of the South Ukraine Energy Complex and plays a role in balancing Ukraine’s electricity system.

Pumped storage facilities help stabilize the power grid by storing excess electricity and releasing it during periods of peak demand.

The investigation comes as Ukrainian authorities continue efforts to combat corruption in strategic sectors, including the energy industry, while seeking to strengthen transparency and accountability in state-owned enterprises.

“Operation Midas”

In November 2025, NABU exposed a large-scale corruption scheme at Energoatom – Ukraine’s largest energy producer – allegedly orchestrated by Timur Mindich, a former business partner of President Volodymyr Zelensky.

Investigators say that the group influenced decisions in the state energy sector, particularly at JSC Energoatom, and demanded illegal benefits of 10-15% from contract counterparties.

Among those implicated are officials and businessmen, including National Commission member Serhiy Pushkar, former Energoatom security director Dmytro Basov, and former State Property Fund deputy head Ihor Myronyuk.

The investigation alleges the participants manipulated personnel decisions, procurement, and financial transactions within the enterprise.

In April, Ukrainska Pravda released new audio recordings that appear to tie senior Ukrainian officials and presidential allies to a major corruption probe involving state nuclear company Energoatom.

The recordings – known as the “Mindich tapes” and dating from July 2025 – allegedly capture conversations between Mindich, former presidential adviser Serhii Shefir, then-Defense Minister Rustem Umerov, and a construction manager linked to an elite housing project near Kyiv.

In one recording, Mindich and Shefir discuss former minister Oleksiy Chernyshov, who was under investigation for illicit enrichment at the time. The two appear to reference helping cover his Hr.120 million ($3 million) bail and mention a shared “cash pool.”

It is unclear if the latest Tashlyk case is tied to the Midas scandal.