From "Privat" to "Midas": How Monobank owner Oleg Gorokhovsky is involved in the embezzlement of billions during the war alongside Mindich and Khmelyov

The Mindich tapes exposed a whole range of connections that were previously unimaginable. These include shady deals in energy, construction, management of seized assets, and the banking sector. Not too prominently, but they feature a certain "Shmel," who is linked to the rocket manufacturer "Flamingo." It turned out that "Shmel" is also closely connected to Tymur Mindich and one of the founders of "Monobank," Oleg Gorokhovsky.

Behind the codename "Shmel" hides Ihor Khmelyov. His work at Fire Point, which develops the "Flamingo" rockets, was confirmed by the company’s co-owner Denys Shtilerman, who appears on the tapes as "Electronik." Additionally, MP Yaroslav Zheleznyak also stated that "Shmel" is Khmelyov.

According to registries, Ihor Khmelyov is a founder of several companies in which Tymur Mindich was also a co-founder – LLC "Atlet Bud," LLC "Great Style," LLC "Best Look," LLC "Global Real Estate Group LTD," LLC "Alpiyska Hirka," and others. Most of these companies, according to the analytical platform "YouControl," are part of the "Privat" group.

Through LLC "Alpiyska Hirka," it was possible to trace a company in Slovakia where Tymur Mindich and Ihor Khmelyov are co-founders. This is TIM&TIM, s.r.o., registered in Bratislava. The company was established in 2016 and is engaged in wholesale trade of goods.

In 2016-2017, alongside Mindich and Khmelyov, the Slovak company was managed by three Russians – Vilena Shchekalova from Saint Petersburg, Olha Katoraychyk, and Illya Sokolov from Moscow.

Shchekalova worked in various years for the Russian group Energoprom, managing legal departments of holdings in oil and gas construction and the coal sector. From 2019 to 2021, she worked at "Vaninotransugol," which operates a terminal in the Khabarovsk region. In 2021, she was appointed as the legal head of UTG Group, the largest independent ground handling operator for aircraft in Russia.

Olha Katoraychyk and Illya Sokolov, during their collaboration with Mindich and Khmelyov, were involved in a highly unpleasant story. The Russians persuaded a Canadian investor, through a fund operating in Liechtenstein, to invest 2.5 million dollars in the Russian joint-stock company "Compressor Complex." Later, they attempted to extract several more millions from him. It was revealed that the funds ended up in Cypriot firms Posparon Investments Limited and Wellinom Holdings Limited, where Katoraychyk and Sokolov were directors. The Canadian investor tried to recover the invested millions but lost the court case in 2018.

In the court case, another Russian was mentioned – Kostyantin Sokolov, presumably a relative of Illya Sokolov. In 2024, the former became one of the buyers of the telecommunications company "MTS Armenia." The deal was conducted through the Cypriot Fedilco Group Limited, which was named in the official press release. It was noted at the time that "MTS Armenia" ceased to be part of the Russian MTS group.

Thus, the Slovak TIM&TIM, s.r.o. was managed by rather complex Russians alongside Tymur Mindich and Ihor Khmelov, individuals who were implicated in fraudulent schemes.

It should be added that Ihor Khmelov is indeed very close to Tymur Mindich, as he even named his son after the businessman who profited from schemes during difficult times for Ukraine. The fact that Khmelyov’s son is named Tymur can be learned from a court ruling regarding unpaid utility bills.

Besides Mindich, Ihor Khmelyov also has a connection with the owner of "Monobank," Oleg Gorokhovsky. Until the first quarter of 2021, Khmelov owned nearly 10% of the shares of the scandalous bank "Ibox." This is the same bank that was liquidated in March 2023 due to suspicions of laundering money from illegal gambling businesses. It is worth noting that before the National Bank of Ukraine’s decision to liquidate it, "Ibox" provided exclusive services to Oleg Gorokhovsky’s "Monobank" for fee-free card top-ups at its terminals.

The trademarks "Ibox" and "IBox" belong to LLC "Paybox," whose founder until July 2024 was Liudmyla Stoianova.

A woman with the same name managed the Dnipro-based firm PP "Ester-94," which deals in the trade of food products and tobacco goods. The founder of the company is Tymur Mindich’s mother, Stella.

In the documents of the firm PP "Ester-94," Mindich’s mother’s registration is listed as Dnipro. However, in another enterprise where she is a co-founder – LLC NPF "Techbud, LTD" – it is stated that Stella Mindich is registered in New York, USA.

Thus, Oleg Gorokhovsky, at least until 2023, had business ties with both Ihor Khmelyov and Tymur Mindich.

Gorokhovsky worked for over 20 years at the nationalized "PrivatBank." In 2019, he even filed a lawsuit to invalidate the sale-purchase agreement of "Privat," on the basis of which the bank was transferred to state ownership. However, in September 2022, he submitted a statement withdrawing the claim.

Mindich and Khmelyov are also connected to the "Privat" group. Considering that Khmelov was on the board of the scandalous bank "Ibox," which provided exclusive services to Gorokhovsky’s "Monobank," it can be concluded that the three are closely linked.

In social media, there was speculation that Oleg Gorokhovsky might also appear on the Mindich tapes. This could not be confirmed. However, everything points to the fact that Gorokhovsky collaborated for a long time with Mindich’s closest business partner, Ihor Khmelov, who did appear on the recordings. Therefore, the owner of "Monobank" could very well have been aware of the schemes orchestrated by the figures in the "Midas" case.

In March 2025, Gorokhovsky essentially advertised the "Flamingo" rocket, developed by a company where Ihor Khmelyov worked. Specifically, "Monobank" clients were offered an exclusive skin featuring a flamingo standing against the backdrop of the Kremlin in exchange for a donation.

In this context, it is important to note that in 2024, Gorokhovsky gradually began moving "Monobank" to Cyprus. "Antikor" reported on this in the fall of 2025.

In the summer of 2025, it became known that Anatoliy Rohalskyi was leaving his position as marketing director of Monobank. He did not disclose the reasons due to confidentiality agreements but stated that he no longer saw his future with "Monobank." He is the brother of Mykhailo Rohalskyi, who co-founded the bank with Oleg Gorokhovsky after the nationalization of "Privat."

Could Gorokhovsky have known the details of the scheme uncovered by NABU under Tymur Mindich’s leadership? All the aforementioned connections suggest that it is quite likely. It is also possible that he was aware of the money laundering scheme involving illegal gambling through the "Ibox" bank, where Mindich’s close business partner Ihor Khmelov was a shareholder. Furthermore, Horokhovskyi’s awareness of the catastrophic situation at "PrivatBank" before its nationalization is evidenced by a mention in a High Court of London ruling. The case materials note that Horokhovskyi maintained contact with the bank’s former owners, Ihor Kolomoiskyi and Hennadiy Boholyubov, until June 2019.

Whether Oleg Gorokhovsky’s name will appear in the "Midas" case materials remains to be seen, as does the transcription of 1,000 hours of audio recordings made by anti-corruption bodies. However, the business connections clearly indicate that all the individuals mentioned in this material are not strangers to one another.

Author: Olena Dobrodiy