Russian billionaire Tinkov agrees to pay $ 500 million in U.S. taxes by Reuters

© Reuters. FILE PHOTO: Oleg Tinkov, Chairman of the Board of Tinkoff Bank, attends a session of the International Economic Forum in St. Petersburg (SPIEF), Russia, June 7, 2019. REUTERS / Maxim Shemetov / File Photo

MOSCOW (Reuters) – Billionaire Oleg Tinkov, whose online bank is Russia’s second-largest credit card issuer, pleaded guilty on Friday to filing a false tax return in the United States and agreed to pay $ 507 million in taxes. , interest and penalties, the United States Department of Justice said. .

He had been accused of hiding a billion dollars in assets and income when he renounced his US citizenship in 2013.

Tinkov, whose businesses, including Tinkoff Bank, are in the hands of his investment firm TCS Group, was arrested in London in February 2020 in connection with the indictment and released on bail while battling acute leukemia.

“Mr. Tinkov is grateful for the opportunity to resolve this case humanely and hopes it will allow him to focus his energy on fighting his disease,” his lawyers said in a statement.

His sentencing hearing is scheduled for October 29, and the case is expected to be concluded.

A Tinkov spokesman said the businessman has sufficient funds to cover the penalties without selling his assets, including TCS shares.

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