Ukrainian Oligarchs Sued Over $100M Loan 'Sham'

Law360 (August 26, 2019, 6:04 PM EDT) -- Two Ukrainian oligarchs have been accused by a business partner in a Delaware Chancery suit of orchestrating a $100 million fraudulent loan scheme that cheated him and his investor foundation out of $30 million.

Monaco resident Vadim M. Shulman and his Bracha Foundation asserted late Friday that billionaires Igor Kolomoisky and Gennadiy Bogolyubov spearheaded a "series of large-scale and coordinated fraudulent schemes," which misappropriated millions Shulman says he and his foundation are owed. The funds were falsely represented to have been invested into a joint venture that operated a defunct Ohio steel plant, the suit contends.

"Despite an agreement to act...

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