FORMER SEVERSTAL TRADING EXEC INDICTED FOR US TAX EVASION
A former Severstal executive has been indicted for hiding as much as $7.5 million from US tax authorities in Swiss bank accounts held at UBS AG.
Victor Lipukhin, a former steel trader for Russian steel maker Severstal, hid assets in two Swiss UBS bank accounts from 2002 through 2007, said the Justice Department and IRS in a press release on Friday. Lipukhin, a Russian citizen, was a resident of St. Charles, Illinois from 2001 through mid-2007 and, therefore, subject to US tax laws.
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Credit: Steel Market Update