PanaTimes

Friday, Feb 03, 2023

Russian businessman and billionaire, owner of Severstal Alexei Mordashov

A Russian oligarch moved $1.3 billion worth of shares to BVI the day he was sanctioned, filings suggest

A company controlled by Russian steel tycoon Alexei Mordashov offloaded a 29.9% stake in TUI, the world's largest tour operator, on February 28.
On February 28, a firm controlled by Alexei Mordashov, one of Russia's richest businessman, sold a 29.9% stake in TUI, the world's largest tour operator, to a company in the British Virgin Islands, the filings show.

The company that bought Mordashov's TUI shares, Ondero, is affiliated with the oligarch, according to Bloomberg.

The British Virgin Islands, a British overseas territory, doesn't charge corporate, capital gains, or wealth taxes.

Mordashov, a steel tycoon, is the second-richest person in Russia with a net worth of $22.3 billion, according to the Bloomberg Billionaires Index.

Before the share sale, Mordashov was TUI's top shareholder, with a stake of 34%, and had been a shareholder for around 15 years, according to a press release published by TUI shortly after he was sanctioned by the European Union. Mordashov resigned from TUI's board on March 2, the company said.

Mordashov held his stake in TUI via Cyprus-based Unifirm, a company that is in turn owned by firms controlled by Mordashov and his sons, according to Bloomberg.

A 29.9% stake in TUI was sold to Ondero on February 28, according to a TUI filing published March 5. Another 4.1% was sold to Russian investment firm Severgroup, according to a March 4 filing. Severgroup is owned by Mordashov.

TUI indicated to Insider it couldn't identify the shareholders of Ondero. "We would only know by receiving a voting rights notification of a controlling stakeholder," a TUI spokesperson told Insider.

"We can only attribute the Severgroup stake to Mr Mordashov," the TUI spokesperson said.

"This would mean that he does not have access to his shares and cannot derive any economical benefit from them," the spokesperson added.

Insider couldn't reach Mordashov or his representative for comment. His spokesperson earlier declined to comment to Bloomberg.

Mordashov ceased to have control of Unifirm on February 28, according to the March 5 filing by TUI.

Sweeping sanctions have hit Russia and some of its richest people since the country invaded Ukraine. Many of the restrictions target oligarchs, spurring them to shuffle their holdings in their businesses, including shifting shareholdings and assets around intricate webs of onshore and offshore companies. Such structures are often used by oligarchs to hide their wealth, complicating attempts to seize their assets.

Earlier this month, Mordashov shifted control of a $1.1 billion stake in a mining company to his wife.
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
×