Tinkov claims forced to sell bank stake after denouncing ‘crazy war’

Russian bank tycoon Oleg Tinkov claims he was forced to hide and sell his stake in a bank he set up after criticizing the war in Ukraine and provoking a reaction against Vladimir Putin’s regime.

Tinkov says he sold his 35% stake in TCS Group, which owns Tinkoff Bank, to Russian oligarch and mining titan Vladimir Putin last week after Kremlin executives threatened to nationalize the bank unless it severed ties with the businessman.

In a conversation with the Financial Times, Tinkov, 54, who is one of the few entrepreneurs in Russia, said he is now in an unknown location and fears for his safety.

The businessman said he hires bodyguards, adding that he survived leukemia but “maybe now the Kremlin is going to kill me”.

On Thursday, the bank announced that Tinkov had sold its stake in TCS Group to Interros Capital, a company run by Putin, one of the wealthiest people in Russia. The terms of the deal were not disclosed.

Putin, who has not been sanctioned by the European Union, the United States or the United Kingdom, Also agreed to buy Rosbank from Société Générale in April. Canada imposes sanctions on Putin.

Speaking to the Financial Times on Monday, Tinkov said he was forced to make a “fire sale.” He believes he sold his stake in the bank for about 3% of its true value.

Tinkoff’s global deposit certificates traded in London – certificates that allow investors to bet on Russian stocks in global markets – fell from $ 112 in October to $ 3.19 when they were suspended in March.

Tinkov, Who accumulated A billion-dollar fortune for many decades to become one of the highest-profile entrepreneurs in the country has so far sought to put a distance between him and the Kremlin, but has stopped talking against Putin.

This approach Changed last month When he wrote a series of Instagram posts criticizing the war in Ukraine. In one post, Tinkov said, “I do not see anyone nodding at this crazy war! Innocent people and dead soldiers.” He added: “How good is the army, if everyone else in the country is shit and sunken inside. [nepotism] And slavery? ”

Only a handful of business leaders in Russia spoke out against the war, and very few used strong language like Tinkov’s. Many have chosen to say they are against war in general. However, Tinkov turned his criticism to Putin and the Kremlin’s decision to invade Ukraine.

Putin made it clear to the country’s oligarchs – including at a major meeting in the Kremlin days after the war – that they risk losing their businesses if they do not support the war.

Some people after that meeting Said they feel helpless Influence Putin’s decision. In the decades since his first rise to power, Putin has forced his will on the oligarchs by responding to any criticism of retaliation, leaving them with very reduced influence.

Tinkoff, the bank that Tinkov founded in 2006, denied the characterization of the events and said that “there were no threats of any kind against the bank’s leadership.”

The Kremlin did not immediately respond to a request for comment. And a spokesman for Potanin’s Interros investment firm declined to comment.

In March, Tinkov was placed on the list of sanctions in the UK and his assets were frozen and he was banned from doing business with citizens and companies in the UK. He is also barred from traveling to or from the UK.

The news of Tinkov’s claims was first reported by the New York Times.

Tinkov claims forced to sell bank stake after denouncing ‘crazy war’ Source link Tinkov claims forced to sell bank stake after denouncing ‘crazy war’

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