Former World Tour team owner Oleg Tinkov has seen his wealth rocket since he committed the tax offence that has now cost him $508 million. The business he started 15 years ago is now worth at least $20 billion, up from $1.1 billion when he committed his tax offence.
Late last week the Department of Justice in the US said a felony conviction had been secured against Tinkov “for filing a false tax return” and as part of finalising that case he paid $508,936,184.
Tinkov owned the Saxo Tinkoff cycling team between 2013 and 2016, when he left cycling. His company has since taken on sponsoring the main soccer league in Russia while Tinkov also sponsors Russian tennis player Daniil Medvedev.
The tax offence Tinkov has been convicted of has its origins in October 2013 when Tinkoff Bank held an initial public offering on the London stock exchange. According to the US authorities, at the time Tinkov sold part of his interest in the business for $192 million, which was part of his total assets then worth more than $1.1 billion.
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He relinquished his US citizenship at the US embassy in Moscow three days later and claimed his net worth was $300,000. In doing so he evaded tax, which he has now been pursued for with penalties.
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However, while his business was worth $1.1 billion back in 2013, it has soared in value since then as part of Tinkoff Group, which he now owns 35 per cent of.
Last month his Tinkoff Group was bestowed blue chip status by the Moscow Stock Exchange; an index with just 16 stocks included.
"A wonderful gift for the approaching 15th anniversary, which we will celebrate in November," Tinkov said of the newly secured blue chip status at the time.
"Yesterday I remember how we manually received boxes from the post office, to a small office, with envelopes with applications for a credit card, and I remember personally approving a loan to a petrol station employee.
"Now we have 17 million clients, capitalisation $20 billion, we are confident in $30 (billion) and dream of $100 billion!"
