Tinkov says no need to sell TCS Group to pay US tax fines

MOSCOW, Oct 20 (PRIME) -- Russian businessman Oleg Tinkov does not need to sell his business TCS Group, which unites Tinkoff Bank and Tinkoff Insurance, to pay tax fines to the U.S. because he has enough free money to do that, Tinkov said late on Monday in a statement on his Instagram page.

The U.S. Justice Department earlier accused Tinkov of misrepresenting data in his tax declaration, and the businessman, who lives in London, can face six years in prison. The Westminster Magistrates' Court is to consider Tinkov’s extradition to the U.S. on November 6.

“We are not in negotiations with MTS, I am not even acquainted with (multi-industry holding Sistema’s core owner Vladimir) Yevtushenkov. I don’t have to sell the shares to pay the fine in the U.S. for ‘indiscretions of youth’, I have enough cash,” Tinkov said, adding that TCS Group may cost U.S. $10 billion in 2022.

“As I see it, a businessman sounds as dignified and useful for the society as a professor of medicine, teacher, firefighter, construction, or charity worker. It is the businesspeople who change the world and move it forward, not public officials, lawyers, managers, and other ‘people for hire’. … Why did the ‘deal’ with Yandex fell through?” A businessman tried to agree with managers and lawyers, that is the answer!”

In late September, internet giant Yandex launched negotiations on possible acquisition of 100% in TCS Group for $5.48 billion. The companies agreed on the deal in general, but it broke down on October 16. A source told PRIME that Yandex wanted to acquire TCS Group, while Tinkov saw it as a merger and wanted to stay in charge of his business.

End