TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Mar 28, 2024

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

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×