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

by Mike Robinson

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© Reuters. FILEPHOTO: Oleg Tinkov is Chairman of Tinkoff Bank’s Board of Directors, and attends a St. Petersburg International Economic Forum session (SPIEF) on June 7, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters). Oleg Tinkov, a billionaire and Russia’s largest credit card issuer, pleaded guilty to falsifying his U.S. tax returns and was ordered to pay $507 Million in penalties, taxes and interest, according to the U.S. Department of Justice.

When he renounced his U.S. citizenship, 2013, he was charged with concealing over $1 billion of assets and income.

Tinkov was indicted for a series of crimes. His investment firm TCS Group held Tinkoff Bank. Tinkov was released after being treated for acute leukemia.

His sentencing hearing will be held on Oct. 29.

Russia’s RBC Media outlet quoted Tinkov’s representative as saying that he will not sell his share in TCS Group in order to cover the fine. Both the bank and Tinkov have yet to respond to our requests for comment.

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