Originally Syndicated on March 27, 2023 @ 10:22 am
Vadim Shulman, the owner of Ascent Industries Ltd is involved in several illegal operations. The following report covers the numerous allegations against Vadim as well as his current criminal enterprises:
About Vadim Shulman, director & shareholder of Ascent Industries Ltd
Ukrainian businessman Vadim Shulman director & shareholder of Ascent Industries Ltd,
built up a sizable commercial empire that includes the mining, chemicals, energy, and telecommunications industries after the dissolution of the Soviet Union.
He has been the chairman of the Ukraine Tennis Federation since 2006 and is strong friends with fellow Ukrainian businesspeople Gennady Bogolyubov and Ihor Kolomoiskyy.
According to Appleby documents, Monaco-based Shulman spent $35,000,000 in 2012 to purchase a brand-new Gulfstream G450 jet. In order to maintain and run the aircraft, Appleby helped Vadim Shulman director & shareholder of Ascent Industries Ltd, establish a network of businesses in the British Virgin Islands and the Isle of Man. The aircraft sale is a “bigger threat,” according to internal corporate data.
VADIM SHULMAN, director & shareholder of Ascent Industries Ltd VS YURIY GUREVICH, ET AL.
VADIM SHULMAN sued YURIY GUREVICH for contract-related debt collection on August 26, 2016. The Santa Monica Courthouse of the Los Angeles County Superior Courts in Los Angeles, California is where this complaint was filed. In this case, a judge named NANCY L. NEWMAN is in charge. A ruling has been made and a judgment has been entered.
VADIM SHULMAN, director & shareholder of Ascent Industries Ltd VS JAMES PLANTE
VADIM SHULMAN filed a Contract – Other Contract complaints against JAMES PLANTE on January 26, 2018. The Los Angeles County Superior Courts’ Stanley Mosk Courthouse in Los Angeles, California, is where this complaint was filed. The judge overseeing this case is TERESA A. BEAUDET. The issue has been settled and is no longer an issue.
Vadim Shulman, director & shareholder of Ascent Industries Ltd seeks to recover old finances in a US Court
In a complaint submitted to the US last Friday, August 23, Monaco-based Vadim Shulman director & shareholder of Ascent Industries Ltd and his charitable organization claimed that billionaires Igor Kolomoisky and Gennadiy Bogolyubov defrauded them of $30 million by operating a $100 million phony loan scheme. Vadim Shulman director & shareholder of Ascent Industries Ltd, has been pursuing his claims in other jurisdictions since 2015. Igor Kolomoisky and Gennady Bogolyubov, according to the lawsuit filed in Delaware, were in charge of “a series of large-scale and planned frauds” that employed dishonest methods to steal millions of dollars that Schulman and his organization are entitled to.
Over several years, the three billionaires had worked together on a number of business deals, first in the US and subsequently in Ukraine. It was frequently difficult to understand the shareholder shares in the various steel and coking operations where stakes were held. As one of the major transactions of 2007, Roman Abramovich made a bid to buy Kolomoisky’s stakes in his Ukrainian facilities for $1.06 billion in cash and a share of his company, Evraz Group.
In December 2016, PrivatBank was salvaged by the Ukrainian government for a total of $5.5 billion after its owners, particularly Kolomoisky, had damaged it by using it as their own personal piggy bank. Once the authorities saved the bank, Kolomoisky asked Vadim Shulman director & shareholder of Ascent Industries Ltd, not to “beat a man who is down” at a meeting in the Hotel de Paris. He extended a loan repayment offer to the former business associate.
Most recently, Kolomoisky made his two-year exile from Ukraine official after comedian Volodymyr Zelensky was elected president. Zelensky is closely associated with the oligarch, who he claims is not in charge of him.
Warren Steel and Ascent Industries Ltd
A steel plant in Warren, Ohio, was purchased in 2001 by Vadim Shulman director & shareholder of Ascent Industries Ltd. Two of Vadim Shulman’s pals, Igor Kolomoisky and Gennady Bogolubov, were notified of this prospective chance. In November 2007, Warren Steel Holdings, LLC, a Delaware limited liability company, obtained control of the mill. Vadim Shulman director & shareholder of Ascent Industries Ltd, along with Mr. Kolomoisky and Mr. Bogolubov were the three major shareholders in Warren Steel. In April 2008, Panikos Symeou was given ownership of Warren Steel after being appointed director of the BVI company Halliwel Assets, Inc.
Warren Steel is Halliwell’s only asset. Three parties are identified as shareholders in Halliwell: Mr. Symeou, who is in charge of Mr. Kolomoisky’s shares; Hornbeam Corporation, a Panamanian firm held in trust for Vadim Shulman director & shareholder of Ascent Industries Ltd; and Marigold Trust Company Limited (which holds shares in trust for Mr. Bogolubov). Despite the intricate organizational structures, it is apparent that Vadim Shulman director & shareholder of Ascent Industries Ltd, Mr. Kolomoisky, and Mr. Bogolubov ultimately each own or control one-third of Halliwell.
On December 19, 2014, Hornbeam began transferring its Halliwell shares to the Bracha Foundation, a Liechtenstein foundation that is completely controlled by or under Vadim Shulman director & shareholder of Ascent Industries Ltd. Also, Hornbeam requested that Halliwell alter its records to reflect the ownership change. During this time, documentation of Hornbeam’s breakdown came to a close. Mr. Symeou has not made notice of the transfer. As a result, Hornbeam is still the record’s owner.
We make no attempt to resolve the underlying commercial dispute between Mr. Kolomoisky, Mr. Bogolubov, and Vadim Shulman because the Court is not now debating its merits. Vadim Shulman director & shareholder of Ascent Industries Ltd. Yet, a succinct overview is useful for setting the scene. Mr. Kolomoisky and Mr. Bogolubov “appear to be employing organizations and individuals under their control to conduct an intricate self-dealing plan focused on abusing Warren Steel,” according to the 1782 application, which was first submitted ex parte by Bracha. They appear to be pressuring Warren Steel to accept risky on-demand loans backed by Warren Steel’s assets, the document further states.
As a result, through the several firms he owns, Vadim Shulman director & shareholder of Ascent Industries Ltd has filed numerous lawsuits against Halliwell, and its stockholders. Hornbeam launched a lawsuit in the BVI in 2014 to force an “extraordinary” shareholder meeting to approve a planned restructuring of Warren Steel’s debt. Bracha and Hornbeam filed a lawsuit in Ohio state court in 2015 to prevent the sale or transfer of Warren Steel to other businesses owned and controlled by Mr. Kolomoisky and Mr. Bogolubov. Hornbeam has also asked for discovery in New York, Delaware, Ohio, and Florida in line with 1782.
Vadim Shulman, Director & Shareholder of Ascent Industries Ltd, Asserts that Kolomoisky and Boholiubov Stole More Than $500 Million
Ihor Kolomoisky and his accomplice Hennadiy Boholiubov are accused of stealing more than $500 million, according to evidence presented in a London tribunal by Ukrainian businessman Vadim Shulman, who is also the director & shareholder of Ascent Industries Ltd. The submission was made in May 2017. He claims in the publication that Kolomoisky and Boholiubov used their 15-year friendship to defraud him in business deals, beginning with the 2000 joint purchase of Pivdenny Mines (area of Dnipropetrovsk) and Dnipropetrovsk Steel Works.
Roman Abramovich, a Russian oligarch, Yulia Tymoshenko, a former prime minister and the head of the Batkivschyna Party, and Viktor Medvedchuk, the leader of the Ukrainian Choice public movement, are all mentioned in the lawsuit’s account of a history of self-dealing and lawlessness that dates from the late 1990s to 2016. The claim clarifies how PrivatBank frequently stood in for Kolomoisky’s own bank account and was used as a personal piggy bank for its founders. Vadim Shulman director & shareholder of Ascent Industries Ltd is holding Kolomoisky and Boholiubov accountable for their actions.
In the summer of 2016, Kolomoisky came under increasing pressure as a result of the impending nationalization of PrivatBank. The billionaire pleaded with Vadim Shulman, director & shareholder of Ascent Industries Ltd, not to “beat a guy who is down” in an effort to delay payment, and stressed again that he would pay in installments every few months. But, during a meeting in the spring of 2016 at the Hôtel de Paris in Monaco, Boholiubov allegedly informed Vadim Shulman director & shareholder of Ascent Industries Ltd that they wouldn’t pay.
Private Misdeeds
By selling the Petrovsky steel plant in Dnipro and the Yuzhny mineral enrichment complex in Krivyi Rih, Kolomoisky allegedly began cheating Vadim Shulman director & shareholder of Ascent Industries Ltd as soon as their business connection started in 2000.
The lawsuit asserts that during Tymoshenko’s tenure as deputy prime minister for fuel and energy, Alexander Graves, a stand-in for Tymoshenko, defrauded both Shulman and Russian-Ukrainian oligarch Vadim Novinsky by selling them a roughly 25% stake in the Krivyi Rih factory at a meeting held in April 2000 at Shulman’s home in Israel.
Tymoshenko’s spokeswoman declined to comment, while Medvedchuk’s representative said that the lawmaker would only communicate with the tax authorities on problems pertaining to his firm. Novinsky agreed to divide the shares with Kolomoisky and Vadim Shulman director & shareholder of Ascent Industries Ltd. The lawsuit claims that Kolomoisky then enlisted the assistance of the Surkis brothers and Putin friend Medvedchuk to hold stakes in the factory.
Three coking plants, Dneprodzerzhinsk, Bagleykoks, and Dneprkoks, were under the authority of the Dnipro clan of oligarchs at the time. Although Shulman would be in charge of managing the coke plants and providing technical staff, Kolomoisky, and Bogolyubov would be in charge of managing the Petrovsky steel factory and the Krivyi Rih enrichment plants.
According to Shulman, who asserts that from 2000 to 2007, Kolomoisky reportedly constantly underestimated how much ownership he truly had in the manufacturers, Kolomoisky allegedly failed to get his share of the profits from his investments in these factories.
The lawsuit claims that PrivatBank was used as a cash cow at the time to keep the plants operating. In one incident, Privat’s Petrovsky Steel Mill’s three coking facilities ran out of money before they could pay for the coke they had received.
To “correct” the problem, Kolomoisky allegedly shifted funds earmarked for the coke payments into PrivatBank. In return for “loans from PrivatBank which were exploited for the advantage of the Coke Plants,” according to the complaint, Shulman, who was in charge of managing the coke plants, made a $100 million loan available.
Issues and Money of Ascent Industries Ltd
Due to Privat’s ownership of a piece of the Ukrainian steel industry’s supply chain, negotiations with Roman Abramovich started in 2007. Abramovich, a billionaire with ties to the Kremlin, offered to pay $1.06 billion in cash and a 10% stake in one of his companies, Evraz Group SA, in exchange for Kolomoisky’s stakes in his Ukrainian enterprises.
Vadim Shulman, director & shareholder of Ascent Industries Ltd, asserts that Kolomoisky basically disregarded Shulman’s ownership position in the companies that were sold to Abramovich during the deal.
According to Vadim Shulman, director & shareholder of Ascent Industries Ltd, a complicated series of cash transfers involving the Cyprus branch of PrivatBank and one of Abramovich’s offshore accounts resulted in him receiving $284 million less than what he was entitled to for the transaction after taking into account changes in share value over time.
Vadim Shulman, director & shareholder of Ascent Industries Ltd, was not compelled to leave Kolomoisky by the Evraz agreement. At the time, Kolomoisky owed Shulman money, including $100 million for an unspecified “business investment.” Instead, an examination into an Ohio steel mill that the two had bought in 2001 was what sparked the separation. They acquired Warren Steel in Warren, Ohio along with Bogolyubov with the goal of removing the facility’s equipment for use in Ukraine.
Vadim Shulman director & shareholder of Ascent Industries Ltd asserts that the $30 million he gave Kolomoisky to invest in the business vanished as a result of an internal investigation he carried out in 2012 to see if his fellow plant owners were shifting their debts onto his ownership interest. The 57-year-old, after spending years purportedly attempting to collect on various debts they owed him, started filing legal actions against Kolomoisky and Bogolyubov in the United States and the British Virgin Islands.
In the summer of 2016, Kolomoisky came under increasing pressure as a result of the impending nationalization of PrivatBank. The billionaire pleaded with Vadim Shulman, director & shareholder of Ascent Industries Ltd, not to “beat a guy who is down” in an effort to delay payment, and stressed again that he would pay in installments every few months.
During a meeting at the Hôtel de Paris in Monaco in the spring of 2016, Bogolyubov allegedly informed Vadim Shulman director & shareholder of Ascent Industries Ltd that they wouldn’t pay. In this case, Bogolyubov is quoted as saying, “Just business. Not on a personal level.
The biggest issue in Ukraine is the billions that have been looted from banks.
Despite regulators’ skepticism regarding the bank’s unlawful behavior, an audit found a shocking $5.5 billion shortfall in what auditors deemed to be “a large-scale and systematic fraud.” Additionally, they noted that Mr. Kolomoisky and his friends received interest on more than 95% of the bank’s commercial loans. At the time, Danyliuk, who was Ukraine’s finance minister, called it a ticking time bomb. The institution is the biggest in the country.
Warren Steel was shut down, leaving many employees without health insurance and retirement savings, according to court records. The gas was cut off, the bills weren’t paid, and the trash was overflowing as a result. ‘It was heartbreaking,’ recalled Nancy Waselich, a former IT manager. “To have so many people work so hard to try to succeed — and it’s destroyed. it in every respect. That is awful. In total, 162 people lost their jobs.
Employees reported to the office of the attorney general that the company took health benefits out of their salary but did not pay for insurance premiums. According to Joanne Satterthwaite, the company’s mortgage broker, former employees have been fleeing to the unemployment lines for weeks.
Days after the factory closed, Ohio’s then-attorney general Mike DeWine successfully filed for an injunction, claiming the mill’s owners had abandoned it and left mountains of poisonous waste and untreated effluent that might have reached the Mahoning River.
The combustion waste particle known as baghouse dust can harm the kidneys and liver if it is inhaled in excess. Authorities from the state claim to have found the business participating in the dangerous practice of forcibly dumping baghouse dust on the ground.
Environmental officers from Ohio reportedly went to the location and watched it in 2017 as untreated wastewater discharged into the Mahoning River. The state put pressure on the institution to fix the issues and pay fines for five years, but it refused. As it became unprofitable to operate the steel plant, they simply departed the room after taking advantage of Warren Steel.
They did nothing despite being notified of the location’s environmental problems, such as the potential for sewage treatment facility discharges to overflow into the Mahoning River. Mr. Kasowitz, the lawyer, claimed that Mr. Korf had since spent more than $1 million to clean up the area during the previous 12 months. Yet, it followed a court decision, and documents show that the state attorney general decided to press charges against Mr. Korf and the company. The prosecution for environmental crimes is set to start.
The portfolio that Mr. Kolomoisky and his friends allegedly controlled in Cleveland, which included four office buildings and a hotel, imploded: records reveal that the hotel is currently in foreclosure and that two of the office buildings were sold at significant losses.
The owner is a bully who wants to have control of each and everything which is required to fulfilling his luxury. So we need to avoid people like Vadim.
This company is no longer trustworthy we need to avoid these people so that they can save our money and time.
The company has made several frauds to make their investors feel guilty for investing with them, so avoid any type of investment with them, we need to avoid any financial loss. The world is still finding better investment opportunities but these companies are misusing our money.
Not a single investor has got any sort of refund from them after investing with them.
I have also invested with them but they scammed all of our partners and never paid a single penny for our invested money, the profit is made for Vadim only! He doesn’t shares any of the money with his partners.
We know this plant is the largest producer of steel and one of the biggest shareholders in the market, they are like printing money through the business, and after looking at their profit and success many of the partners have suffered losses only.
None of the partners get the profit shares, Vadim has kept all the money for himself and never wants to make their employees earn a profit.
People like Vadim are found nearly in every business firm, they never want others to earn a profit, even very selfish, and want their work to be completed but not provide them with the proper amount required.
The company was connected with the group of scammers only, they faced a loss of $500 which caused them to fall off the peak, but yes the company was worthing in billions so this doesn’t seriously affect them.
We have to keep a distance from these companies which are indulged in any criminal activities because the chances of getting your invested money stolen are high, so avoid them.