Ukrainians Lose $2B Fraud Claim Over Business 'Divorce'

Law360, London (July 14, 2020, 5:05 PM BST) -- A London judge ruled Tuesday that three former Ukrainian business partners do not owe one another billions in damages over a corporate "divorce," saying there was insufficient evidence their shares in an industrial steel manufacturer were sold fraudulently.

High Court Judge Simon Picken said Vitali Gaiduk had failed to prove that former business partners Sergiy Taruta and Oleg Mkrtchan promised to sell his shares in the Industrial Union of Donbass for the same price as theirs during negotiations with a buyer from Russia in 2009.

Instead the judge found that Mkrtchan, who was also negotiating for Taruta, told Gaiduk that the...

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