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Russian Billionaire paid $500 Million in Tax Evasion Case

Russian industrialist Oleg Tinkov is facing serious charges of hiding more than $1 billion in assets. After being convicted, he had to pay taxes and heavy fines.

The US Justice Department said on Friday

Russian industrialist Oleg Tinkov to settle US tax evasion charges. Paid $500 million. Russian tycoon submits tax documents He only has $300,000 in assets. The US Department of Justice said on Friday | Russian billionaire Oleg Tinkov was to pay about $509 million to settle US tax evasion charges. The banking and investment tycoon found guilty of hiding assets to avoid paying taxes on October 1.

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Gave up US citizenship in 2013

Russian tycoon Oleg Tinkov gave up his US citizenship in 2013. Tinkov is the founder of Tinkoff Credit Services. Which became the popular online Tinkoff Bank, and owns the professional Tinkoff Cycling team. The US Department of Justice said. The 53-year-old Russian-born Tinkov became a US citizen in 1996. In 2013 he made Tinkoff Credit public on the London Stock Exchange. In which his stake was more than $ 1.1 billion. Three days after the IPO, he demanded to renounce his American citizenship at the US Embassy in Moscow. But in the citizenship relinquishment process, he submitted documents required to report his entire wealth and pay taxes on it, saying he only had $300,000 in assets.

Pay more than double to cover penalty

In the 2019 indictment, the US Treasury said | His earnings are owed about $249 million. In the settlement announced on Friday, she had to pay more than double to cover accrued interest and penalties. US Justice Department to face charges Last year there was a demand for his extradition from the UK. But Tinkov opposed it. And said that he undergoing treatment for myeloid leukemia. He was unable to travel.

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