Oleg Tinkov will pay $506 million to settle U.S. tax claims
As part of the agreement, Tinkov has pleaded guilty.
The terms of the settlement between the founder of TCS Group Oleg Tinkov and the U.S. Department of Justice became known at a hearing in the U.S. District Court of California, RBC writes. The newspaper followed the court broadcast live.
If Tinkov is found guilty of a felony, he may be deprived of a number of civil rights upon receipt of U.S. citizenship, including the inability to participate in elections and buy weapons, RBC quotes a prosecutor's representative.
According to the newspaper, as part of the agreement Oleg Tinkov pleaded guilty, although he had previously announced his innocence. Tinkov's representative told RBC that the businessman will not sell his shares in TCS Group to pay the fine, as he has "enough money to pay the entire fine now.
At the end of February 2020, TCS Group Holding reported on the tax hearings with Oleg Tinkov, which were initiated by the U.S. Internal Revenue Service. Tinkov has not been a U.S. citizen since 2013, the company clarified.
After the release of TCS Group Holding on the London Stock Exchange, the state of the entrepreneur exceeded a billion dollars, the U.S. Justice Department estimated. The office suspected Tinkov of hiding income and filing an inaccurate tax return while renouncing his U.S. citizenship.
On March 1, 2020, Tinkov posted a bail of 20 million pounds sterling (about $25.7 million), the Sunday Express wrote. He was ordered to surrender his passports, check in with the police and prohibited from leaving London.
On September 18, from the materials sent to the court in California, it became known that Oleg Tinkov had reached an agreement with the U.S. Justice Department to settle tax claims.