Former cycling team owner Oleg Tinkov has paid £20 million in bail to avoid being detained while the US authorities seek his extradition from the Britain over tax evasion allegations.
The 52-year-old is accused by the US of failing to make tax returns and under-reporting his income in 2013, the year he gave up his US citizenship.
The US has a tax system under which people surrendering their US citizenship must agree to pay an exit tax sum at that time.
Tinkov has said he is very confident the tax issue with the US authorities will be resolved quickly.
British media reported that Tinkov appeared before
Westminster magistrates in London last Thursday as the US authorities issued a
provisional arrest warrant for him.
However, he has paid the bail money – which will be
returned to him once he complies with his bail conditions – and he remains free
as the US case against him proceeds.
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The Russian billionaire, said to be worth about $2.5
billion, has a holding company - TCS Group Holding Plc – which issued a
statement on the case.
“TCSGH has been informed that Mr Oleg Tinkov, founder and
shareholder in TCSGH, is currently attending court hearings initiated by the US
Internal Revenue Service,” it said.
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“The hearings are taking place in London in
February-April 2020. The case concerns resolution of potential tax issues.
“We are not able to disclose more details of the case,
but Mr Oleg Tinkov is confident that it will be resolved as swiftly as
possible. Mr Oleg Tinkov has not been a US citizen since 2013.
“Mr Oleg Tinkov is attending these court hearings in his
capacity as a private individual - this situation does not affect any of the
operating companies in Tinkoff Group - including Tinkoff Bank, Tinkoff
Insurance and Tinkoff Mobile.
“The Company plans to make further announcements, as
required, as and when it receives further relevant information.”
As part of his bail conditions, Tinkov cannot travel through airports and must stay within a large area of London.
He must also reside at an address in the British capital from
7pm to 7am each day. He must also surrender his passport and must contact
police three times per week.
All of the conditions are related to his bail, rather
than directly related to the action being taken by the US tax authorities
against him.
Tinkov owns many businesses including the online Tinkoff
Bank and an international hotel chain as well as the Tinkoff-Saxo WorldTour
cycling team, among many other businesses.
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