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Russian billionaire Tinkov agrees to pay $500 million over U.S. tax charges

Stock MarketsOct 02, 2021 10:45AM ET
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© Reuters. FILE PHOTO: Oleg Tinkov, Chairman of the Board of Directors of Tinkoff Bank, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) -Billionaire Oleg Tinkov, whose online bank is Russia's second biggest credit card issuer, pleaded guilty on Friday to filing a false U.S. tax return and agreed to pay $507 million in taxes, interest and penalties, the U.S. Department of Justice said.

He had been accused of concealing $1 billion in assets and income when renouncing his U.S. citizenship in 2013.

Tinkov, whose businesses including Tinkoff Bank are held by his investment company TCS Group, was arrested in London in February 2020 in connection with the indictment, and released on bail as he was fighting acute leukaemia.

"Mr Tinkov is grateful for the opportunity to resolve this case in a humanitarian way and is hopeful that it will allow him to focus his energy on fighting his illness," his lawyers said in a statement.

His sentencing hearing is scheduled for Oct. 29, which is expected to wrap up the case.

A spokesperson for Tinkov said the businessman has enough funds to cover the fines without selling his assets, including shares in TCS.

Russian billionaire Tinkov agrees to pay $500 million over U.S. tax charges
 

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Comments (2)
plast plastov
plast plastov Oct 02, 2021 11:04AM ET
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Ha-Ha!!! This is not his money- this is Putin's money. In Russia billionaires really not own any money.
Stanislav Ivanovskiy
Stanislav Ivanovskiy Oct 02, 2021 11:04AM ET
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Exactly the opposite lol
Temitope Olabiwonnu
Temitope Olabiwonnu Oct 02, 2021 11:01AM ET
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Hear the last statement enough funds to cover the fines.... God Please Show me the way to Your wealth...
Ryan Paschall
Ryan Paschall Oct 02, 2021 11:01AM ET
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control your exposure. institutions short sell retail, so keep your position sizing smaller. know your entry and exit. don't lose money & compound it. know what you're investing in.
 
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