Oligarchs Laundered Cash Through Ohio Steel Plant, Suit Says (1)

Two Ukrainian oligarchs were hit with a lawsuit claiming they stole $30 million from an investor, laundered hundreds of millions through an Ohio steel company, and stripped it for parts.

The suit targets Igor Kolomoisky and Gennadiy Bogolyubov, two politically connected Ukrainian billionaires who ran PrivatBank before it was nationalized. It also names PrivatBank, two alleged co-conspirators, and a dozen related business entities linked to Kolomoisky and Bogolyubov. The case was filed in the Delaware Chancery Court by Vadim M. Shulman, the investor who says he was bilked.

It accuses the oligarchs of “long-running, self-dealing, fraudulent schemes” to take out ...