Former Steel Executive From Russia Indicted For Tax Evasion

Photo courtesy of Wikimedia Commons
Photo courtesy of Wikimedia Commons

A Kansas City grand jury has indicted the former president of a Russian steel producer’s U.S. subsidiary for allegedly hiding millions in a Swiss bank account and filing false tax returns.

Victor Lipukhin, a Russian citizen, was president of Severstal Inc., a subsidiary of Russia’s largest steel producer, AO Severstal. He later left the United States for Russia to work at a hotel and resort being built near the Sochi Winter Olympics site.

According to a release from the U.S. Department of Justice, Lipukhin kept between $4 million and $7.5 million in assets in two Swiss bank accounts from 2002 to 2007. Lipukhin allegedly concealed his ownership of those accounts and did not report any of that income on his tax returns.

Read more from the Kansas City Business Journal


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