IRS (IRS) initiated legal proceedings in respect of the founder, shareholder and Chairman of the Board of Directors of “Tinkoff Bank” Oleg Tinkov. This is stated in the disclosures on the London stock exchange from TCS Group Holding PLC is the parent company of the Bank, writes RBC.
The case concerns a tax dispute, the report said. The company did not disclose any details, but said that the entrepreneur is confident that the issue will be resolved as quickly as possible.
Oleg Tinkov to take part in the hearings as a private person. “The situation does not affect any of the operating companies of the group “Tinkoff”, — stated in the message.
The hearings will be from February to April 2020.
The representative of “Tinkoff Bank” announced that the company self-reported information about the participation of Oleg Tinkov in court hearings initiated by the IRS, “for transparent implementation of all legal provisions relevant to public companies listed in London and Moscow.” The company representative stressed that Oleg Tinkov is not a citizen of the United States in 2013.
In the message of the TCS Group posted on the website of the London stock exchange, also said that Tinkov is not a citizen of the United States in 2013. The IRS mentioned Tinkov just in the message on persons who renounced U.S. citizenship, published in October 2017.
“He had an American citizen a million years ago. He did not hide. He lived in the United States. And he’s even in the book her wrote about it. But he long ago refused it”, — said the representative of the banker.
In the book Tinkov “I like everything”, published in 2010, the businessman recalls that in total have lived in the US between 1993 and 2006 — six years. He even tried to do business there, supplying the American market for timber from Russia, but was eventually forced to withdraw from the case, signalling a loss.
“In the end, the wholesalers offered to buy the forest, essentially at cost. They roughly calculated the cost, and began to offer $200 per cubic meter. And I have the port has accumulated 50 containers. At some point I realized that the charges for storage of containers in the port is the amount they offer me. In the end, managed to sell about ten of the containers, and the 40 pieces I just threw. It was easier not to take than to pay for the storage, loading and unloading, warehouse. I recorded a loss. The story of the forest — my biggest failure, I lost two and a half million dollars. To do business in the United States was difficult,” described the result of his work in the United States Tinkov.
After the information about the claims of the IRS and the opening of the trial, the shares of TCS Group Holding PLC started to lose in price. According to the latest stock drop was 10.3%.
Part of TCS Group Holding PLC consists of “Tinkoff Bank”, the virtual mobile operator “Tinkoff mobile”, “Tinkoff Insurance”, managing company “Tinkoff Capital”.
Net profit of TCS Group Holding PLC in accordance with IFRS from January to September 2019 amounted to 25.1 billion rubles., profitability of the company — 59%, according to the website of the group. Shares of the parent company of “Tinkoff” are traded on the Moscow exchange and the London stock exchange.
Oleg Tinkov founded the group TCS Group Holding PLC in 2006. Forbes estimated his fortune at 2019 at $2.2 billion According to the publication, Tinkov took 47th place in the rating “200 richest businessmen of Russia 2019”. At this place he dropped 43 positions in the top 200 richest Russian businessmen in 2018.