Businessman Claims Trickery Cost Him $1B In Fraud Trial

Law360, London (October 7, 2019, 8:02 PM BST) -- A Ukrainian businessman seeking $1 billion from his former business partners told a London judge Monday that they tricked him into selling his stake in their metals company for far less than it was worth.

Vitaly Gaiduk said in the High Court that he was wrong to trust Oleg Mkrtchan and Sergey Taruta when it came to the sale of Ukrainian metal conglomerate Industrial Union of Donbass, or IUD. Gaiduk's family owned a third of the company, and in the suit he filed in 2016, he accused his former partners of deceiving him into selling that minority stake for $750 million — even though...

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