The founder of Russia’s second-largest bank who was charged with tax fraud has finally pleaded guilty.
Billionaire Oleg Tinkov agreed on Friday to pay almost $507 million in missing taxes, interest, and penalties, the US Justice Department has announced.
“Per the terms of the plea agreement, the parties have agreed to recommend a custodial sentence of time served, followed by one year of supervised release, and an additional fine of $250,000,” the DOJ said in a statement.
The businessman has pleaded guilty to filing a false US tax return, though on the previous day he rejected the accusations. He was also accused of hiding $1 bln in assets and income when he renounced US citizenship in 2013.
His next hearing has been set for October 29. Tinkov could face up to six years of prison after violating two US laws.
"Mr. Tinkov is grateful for the opportunity to resolve this case in a humanitarian way and is hopeful that it will allow him to focus his energy on fighting his illness," his lawyers said in a statement.
The Tinkoff Bank founder had been arrested in London in 2020 but was later released on bail since he suffered from leukemia. Tinkov has reportedly enough assets to cover the punishment so he will not need to sell the TCS Group’s shares.
The businessman obtained citizenship of the US in 1996 and spent almost six years in the country. He renounced it three days after his company TCS had gone public. According to prosecutors, he considerably understated his real fortune and declared that his revenue was only $300,000 while having shares worth $1 bln.