Oligarchs Assets

Vadim Shulman Assets Spotlight: From Malibu Estates to Global Business Ventures of $40 million

Ukrainian industrialist Vadim Shulman, the Ultimate Beneficial Owner of High Altitude Holdings Limited, has built a vast commercial empire since the fall of the Soviet Union, encompassing sectors such as mining, chemicals, energy, and telecommunications. Vadim Shulman Assets have increased many folds.

Since 2006, he has served as the chairman of the Ukraine Tennis Federation and maintains close friendships with fellow Ukrainian businessmen Gennady Bogolyubov and Ihor Kolomoiskyy.

Appleby records reveal that Shulman, who resides in Monaco, purchased a brand-new Gulfstream G450 plane for $35 million in 2012. To manage and operate the aircraft, Appleby helped Shulman set up a network of companies in the British Virgin Islands and the Isle of Man. Internal documents flagged the aircraft sale as a “higher risk.”

Overview of Vadim Shulman

Ukrainian entrepreneur Vadim Shulman has amassed a diverse business portfolio in mining, chemicals, energy, and telecommunications since the fall of the Soviet Union. Associated with businessmen Kolomoiskyy and Bogolyubov, Shulman leads the Ukraine Tennis Foundation and serves as President and CEO at Alterman, Inc. His philanthropy includes supporting Jewish communities, and financing projects in Kiev and Jerusalem. Vadim Shulman assets, comprising real estate ventures such as a Malibu estate sold for $40 million, and his involvement in legal proceedings add layers to his multifaceted career. His international business footprint spans years and continents, marking him as a prominent figure in the business world.

Hogan Lovells Partially Wins High Court Case Involving Conflicts of Interest

Hogan Lovells, an American-British law firm with offices in London and Washington, DC, has partially won a High Court case involving allegations of conflicts of interest and dereliction of duty brought by Ukrainian businessman Vadim Shulman.

Shulman, the Ultimate Beneficial Owner of High Altitude Holdings Limited, filed a lawsuit against Hogan Lovells, accusing the firm of breaches of duty that, according to him, prevented a “high percentage chance” of recovering up to $500 million from Gennadiy Bogolyubov and Igor Kolomoisky, former owners of Ukraine’s PrivatBank.

In May 2017, Shulman retained Hogan Lovells International (HLI) and initiated the claim. However, Bogolyubov successfully appealed for a declaration that the High Court lacked authority to hear the case due to “overwhelming evidence.” Bogolyubov had moved his residence to Switzerland the month before.

Shulman also claimed that HLI had “many conflicts of interest” by representing PrivatBank in its case against Bogolyubov and Kolomoisky while also working for Shulman. Additionally, HLI defended Victor Pinchuk, who had settled a billion-pound lawsuit against Bogolyubov and Kolomoisky in 2016.

By the time Hogan Lovells was engaged by PrivatBank in August 2017, Shulman had already lost the opportunity to sue Bogolyubov and Kolomoisky in England and Wales. HLI argued that any alleged prejudices against PrivatBank had not surfaced until that date.

Shulman requested amendments to his claim to reflect that HLI’s alleged breaches of duty occurred before April 2017. The High Court ruled that Shulman’s claim regarding financial conflicts and duty violations as a result of Hogan Lovells’ contract with PrivatBank had no genuine chance of success, awarding default judgment on this part of Shulman’s claim.

However, the judge, Daniel Toledano QC, denied HLI’s request for summary judgment on Shulman’s assertion that he could have obtained a blocking order to force a resolution before the High Court determined jurisdiction. Nonetheless, HLI accepted that claims of conflict and duty violation based on the PrivatBank retainer were arguable and warranted a jury trial.

Vadim Shulman Versus James Plante

Vadim Shulman, the Ultimate Beneficial Owner of High Altitude Holdings Limited, filed a lawsuit against James Plante on January 26, 2018. The case was brought in the Los Angeles County Superior Courts and the Stanley Mosk Courthouse, both located in Los Angeles, California. Judge Teresa A. Beaudet presided over the case. The matter has since been resolved and closed.

Vadim Shulman Versus James Plante
Vadim Shulman Versus James Plante

Diverse Portfolio of Vadim Shulman Assets

Real Estate Holdings

Vadim Shulman, a prominent Ukrainian entrepreneur, sold a California Malibu estate in 2022 for $40 million. The modern mansion, boasting six bedrooms and ten bathrooms, graced Malibu’s upscale Carbon Beach along the Pacific Coast Highway, offering stunning 150 feet of beachfront views.

The property included notable features such as a two-lane lap pool and Malibu’s largest home spa, as indicated in the previous listing. Shulman had acquired this impressive 9,500-square-foot residence for $25 million back in 2014.

Beyond the Malibu estate, Shulman has also invested in properties across various locations.

Vadim Shulman Assets :Real Estate Holdings
Vadim Shulman Assets

Business Interests

Vadim Shulman boasts a rich history spanning multiple industries, notably mining, energy, and telecommunications. Since 1991, he has been a key player in mining, chemicals, and the energy sector, coupled with ventures in the telecommunications industry.

One of his noteworthy collaborations is with Kolomoisky and Bogolyubov, operating under the entity named Halliwell Assets. Through this partnership, Shulman has successfully acquired assets in the United States, including real estate and businesses like Warren Steel.

These strategic investments not only underscore Shulman’s indirect participation in the mining and energy sectors but also highlight his foray into the telecommunications industry. This expansion further solidifies the diversity of his business portfolio.

In essence, Shulman’s varied business interests paint a vivid picture of his extensive expertise and active engagement across multiple sectors.

Philanthropic Activities

Vadim Shulman, a Ukrainian tycoon, is actively engaged in diverse industries and exhibits a robust philanthropic commitment. Among his notable philanthropic efforts are:

1. Financing Projects in Kiev and Jerusalem:

  • Shulman has provided financial backing for several projects in Kiev and Jerusalem, including the construction of a synagogue and a school.
  • These initiatives play a pivotal role in advancing and preserving the rich Jewish heritage in the region.

2. Synagogue and School Projects:

  • Beyond Kyiv and Jerusalem, Shulman has extended his support to synagogues and school projects in other locations.
  • These contributions aim to bolster the infrastructure of the Jewish community, providing crucial educational and spiritual resources.

3. Support for Jewish Community Life in Ukraine and Israel:

  • Shulman’s philanthropy isn’t confined to specific projects; he actively supports the broader Jewish community in Ukraine and Israel.
  • His financial contributions significantly contribute to the well-being and progress of these communities.

4. Positive Impact on Local Communities:

  • Shulman’s philanthropic initiatives have left a positive imprint on local communities, particularly the Jewish population in Ukraine and Israel.
  • By channeling financial support, he has played a pivotal role in enhancing infrastructure, education, and spiritual facilities, thereby elevating the overall quality of life for community members.


As per the OCCRP, Ukrainian tycoon Vadim Shulman bought a Gulfstream G450 jet for $35 million directly from the manufacturer in 2012. In addition, he organized a group of companies in the Isle of Man and British Virgin Islands to operate and maintain the aircraft.

Gulfstream G450 jet
Gulfstream G450 jet

This purchase and the formation of the company network underscore Shulman’s substantial financial prowess and strategic handling of his aviation assets.

Net worth

Vadim Shulman, a prominent Ukrainian tycoon, is recognized for his substantial net worth, reportedly exceeding US$10 billion, according to the OCCRP. Ranked among Ukraine’s wealthiest individuals, Shulman’s diverse business portfolio encompasses mining, energy, and telecommunications. Notably, he has engaged in high-value real estate transactions, including the sale of a Malibu estate for $40 million.

Further underscoring his influential role in the business arena, Shulman collaborated with Kolomoisky and Bogolyubov to establish Warren Steel Holdings, signaling involvement in substantial business ventures. These activities, coupled with his reported net worth, solidify Shulman’s status as a prominent figure with significant wealth and diverse business interests.

Ihor Kolomoisky and Hennadiy Boholiubov stole $500 million.

According to the Kyiv Post, Ukrainian millionaire Vadim Shulman, the ultimate beneficial owner of High Altitude Holdings Limited, is presenting evidence to a jury in London alleging that Ihor Kolomoisky and his colleague Hennadiy Boholiubov stole over $500 million. The lawsuit, filed in May 2017, claims that Kolomoisky and Boholiubov exploited their 15-year friendship to defraud Shulman in financial transactions, beginning with the 2000 joint purchase of Pivdenny Mines and Dnipropetrovsk Steel Works.

The lawsuit, filed in Delaware, alleges that Kolomoisky and Boholiubov orchestrated “a series of large-scale and coordinated scams” to embezzle hundreds of thousands of dollars owed to Shulman and his organization. The three oligarchs had collaborated on several economic agreements for years, both in Ukraine and the United States, often involving opaque shareholder shares in various steel and coking plants.

One significant transaction in 2007 involved Roman Abramovich offering $1.06 billion in cash and a share in his company, Evraz Group, to acquire Kolomoisky’s holdings in Ukrainian factories. PrivatBank’s balance sheet had been severely damaged by its owners, particularly Kolomoisky, who used it as a personal piggy bank. At a meeting in the Hotel de Paris after the government’s recovery of the bank, Kolomoisky pleaded with Shulman not to “beat a man who is down” and offered to repay his debt.

After Volodymyr Zelensky was elected president, Kolomoisky, who announced a two-year exile from Ukraine, insisted he did not influence Zelensky, despite their close alliance. The lawsuit also implicates Yulia Tymoshenko, former prime minister and head of the Batkivschyna Party, Russian oligarch Roman Abramovich, and Viktor Medvedchuk, leader of the Ukrainian Choice public movement, detailing a history of self-dealing and misrule from the late 1990s to 2016.

The claim further elaborates on how PrivatBank was misused as a bogus equivalent to Kolomoisky’s personal bank account and a piggy bank for its shareholders. Kolomoisky and Boholiubov have been ordered to repay Vadim Shulman.

In the summer of 2016, Kolomoisky began to feel pressure from the impending nationalization of PrivatBank and pleaded with Shulman not to “beat a man who is down,” promising delayed payments. During a conversation in the spring of 2016 at the Hotel de Paris in Monaco, Boholiubov allegedly warned Shulman that they would not pay, saying, “Just business.”

Alexander Harris

Alexander Harris - The Digital Bloodhound Alexander isn't your typical investigative journalist. He thrives in the digital world, scouring the web for hidden connections and leaked documents. An expert data analyst and coder, he builds intricate digital trails to expose fraud, cybercrime, and government overreach. Alexander Harris began his career as a journalist. He is one of the founders of the " Russian Oligarchs Tracker Unit ".

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