• About
  • Privacy Policy
  • Terms
  • Contact
Friday, January 27, 2023
Financial Eye News
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
Financial Eye News
No Result
View All Result

Germany investigating Tui share transfer linked to oligarch in EU sanctions list

March 19, 2022
in Companies
Reading Time: 3 mins read
49 2
ADVERTISEMENT

German authorities have launched an investigation into the transfer of a major stake in Tui, Europe’s largest holiday company, by Russian oligarch Alexei Mordashov, who is under western sanctions.

Tui said on Friday that the German government was investigating the transfer by Mordashov’s holding company, Unifirm, of a 29.9 per cent shareholding in the travel group. The transaction took place on February 28, the same day Mordashov was hit by EU sanctions over Russia’s invasion of Ukraine.

The stake was transferred to Ondero Limited, a company based in the British Virgin Islands. No owner of Ondero was listed when the transfer was filed with the German markets regulator despite laws strictly mandating that stakeholders must be named in regulatory filings.

On Friday Tui said that in an updated filing by Ondero, the controlling shareholder was named as Marina Mordashova. She is believed to be the oligarch’s third wife, although that has not been publicly confirmed.

The investigation into the transfer by Mordashov — a steel magnate and Tui shareholder for 15 years — is the latest sign of how wealthy Russians are moving to protect their assets as western governments target those perceived to be close to President Vladimir Putin.

Tui said that until the probe into “the effectiveness of the notified transaction” had concluded, the transfer was “invalid” and the shareholding was frozen.

Mordashov bought about 5 per cent of Tui in 2007 in the hope of pushing the group to launch operations in Russia. Until March 2, he was also a member of Tui’s supervisory board and had invested millions of euros into the company in order to save it from going under in the pandemic.

Mordashov is one of Russia’s richest men thanks to his position as chief executive of Severstal, the country’s largest steel and mining company, and as chair of Severgroup, a holding company with stakes in assets that range from gold mining to media.

On February 28, Mordashov was one of more than half a dozen Russian businessmen to be hit by EU sanctions. Italian authorities said last week that they had seized a €65mn yacht belonging to Mordashov.

The EU said Mordashov controlled television stations that had actively supported Moscow’s aggressive stance towards its neighbour.

On the same day that he was hit with sanctions, Mordashov moved a 4.1 per cent shareholding in Tui to Severgroup, of which he is the controlling shareholder.

“Due to the EU sanctions, Mr Mordashov has no access to these shares as well as the voting rights and cannot derive any economic benefit from them,” Tui said.

However, the remaining 29.9 per cent — under the limit at which a formal takeover bid must be launched — was transferred to Ondero and therefore, officially, out of Mordashov’s control. Companies in the British Virgin Islands are not obliged to publish their shareholder register.

Severstal declined to comment on the transactions or the relationship of Mordashova to the Russian oligarch. A spokesperson said neither Mordashov nor Mordashova were immediately available for comment.

In a previous statement, Mordashov described the conflict in Ukraine as “a tragedy for two fraternal nations” and said: “I fail to understand how these sanctions against me will contribute to the settlement of the dreadful conflict.”

A person who is regularly in touch with Tui shareholders said that none had yet flagged any intention to dump Tui stock because of the reputational risk.

Tui shares had fallen by just over 2.4 per cent by lunchtime on Friday.

Germany’s economy ministry, which is running the investigation, did not immediately respond to a request for comment.

Source: Financial Times

ADVERTISEMENT
Share6Tweet4Share1SendShareSend

Related Posts

Companies

Bame workers report pervasive discrimination in finserv

December 5, 2022
Companies

Rail industry enters last-ditch talks to avoid UK Christmas disruption

December 5, 2022
Companies

Glencore: dirty business provides an embarrassment of riches

December 5, 2022
Companies

Trucks: Tesla Semi pulls ahead as start-up rivals crash

December 5, 2022
Companies

Vodafone needs a radical new chief to bring about real change

December 5, 2022
Companies

Vodafone: departure of Nick Read should accelerate restructuring

December 5, 2022

Popular Stories

  • AIG to launch cut-price IPO of life and asset management unit

    48 shares
    Share 19 Tweet 12
  • EY boss targets $10bn boost from Silicon Valley tie-ups after break-up

    32 shares
    Share 13 Tweet 8
  • Tesla delays plan to restore Shanghai output to pre-lockdown levels -memo

    32 shares
    Share 13 Tweet 8
  • TV production giant Banijay to go public via Arnault-backed Spac

    30 shares
    Share 12 Tweet 8
  • Nio to Invest $32.8M Building R&D Labs in Shanghai By Financial Eye

    30 shares
    Share 12 Tweet 8
ADVERTISEMENT

Latest News

Taylor Swift Fans Sue Ticketmaster’s Parent Company

December 5, 2022

Fisker trades down following price cut at Citi By Financial Eye

December 5, 2022

UAW president faces run-off election as reformers make gains

December 5, 2022

Felipe Valls, 89, Whose Cuban Restaurant Became a Political Hub, Dies

December 5, 2022

Longroad buys 98-MW solar farm in California

December 5, 2022
Facebook Twitter LinkedIn

Financial Eye is one of the most trusted news sources for Financial News, global news and local USA news, we provide the news from the most trusted sources.

LEARN MORE »

Recent News

  • Taylor Swift Fans Sue Ticketmaster’s Parent Company
  • Fisker trades down following price cut at Citi By Financial Eye
  • UAW president faces run-off election as reformers make gains

Sections

  • Business
  • Climate
  • Commodities
  • Companies
  • Cryptocurrency
  • Cryptocurrency
  • Forex
  • Green Energy
  • Latest Financial News
  • News
  • Politics
  • Stock Market News
  • Technology
  • Videos

© 2022 Financial Eye News Media

No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • Videos

© 2022 Financial Eye News Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Subscribe To Our Daily News Round-Up.

The top ten most-read stories direct to your inbox

You have Successfully Subscribed!

You have Successfully Subscribed!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.