Russian billionaire Oleg Tinkov’s Tinkoff Bank is the second largest credit card provider in Russia and the source of much of its sizable wealth. He was arrested in London last year for hiding some of his assets from US tax authorities in 2013 when he allegedly gave up his US citizenship to avoid taxation. Recently, Oleg agreed to pay $ 507 million in taxes, interest and penalties to the IRS to help settle the matter.
Tinkov was charged by US authorities with hiding approximately $ 1 billion in various financial assets, a charge that ultimately led to his arrest in February 2020, after which he was given bail, in part because of his ongoing battle with leukemia could deposit. According to a press release from his lawyers, the comparison is acceptable to both sides:
“Mr. Tinkov is grateful for the opportunity to resolve this case in a humanitarian manner and hopes that it will allow him to focus his energies on fighting his disease.”
Tinkov’s case is expected to be fully closed after a verdict hearing in late October, while a Tinkov spokesman said he has sufficient funds to pay the $ 507 million settlement without listing his shares Tinkoff Bank is holding on to liquidate its investment company TCS Group.
Even after paying his fine, Oleg will be worth around $ 7.5 billion. He made his first small fortune in the late 1980s trading everything from blue jeans to Japanese electronics that were imported into Russia. In 1992 he started a network of homeware stores called Technoshock. He then founded a brewery, a restaurant chain and a record label. But it was Tinkoff Bank that provided most of his vast fortune. Tinkoff Bank today controls approximately $ 11 billion in assets and has approximately $ 1 billion in annual revenue and $ 300 million in profits. Tinkoff Bank is listed on the London Stock Exchange and currently has a market capitalization of $ 20 billion.