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U.S. Internal Revenue Service charges Russian oligarch: he faces prison

US authorities accuse Russian banker Oleg Tinkov, who was detained in London, of submitting false tax information. Now he faces up to six years in prison, this was reported in the United States Department of Justice, reports RIA News.

Photo: Shutterstock

The indictment against Tinkoff consists of two points, for each of which he faces up to three years in prison. The banker also expects "stay under supervision", he may be obliged to recover losses and pay fines.

“He is also threatened with being under observation, damages and monetary fines,” it was informed.

The indictment was filed with the California Northern District Court in September 2019, but only now has it been revealed.

On the subject: Russian billionaire paid $ 25,5 million in collateral to avoid IRS arrest

The indictment states that Tinkov, who received US citizenship in 1996, founded TCS (Tinkoff Credit Systems), headquartered in Russia. Until October 2013, he indirectly owned most of its shares through three entities in the British Virgin Islands. As of October 27, 2013, according to the US Department of Justice, the market value of all shares at the disposal of the Russian was more than a billion dollars. The next day he left American citizenship.

In accordance with US law, all property of a person with a fortune of two or more million dollars is considered to be sold at a fair market price a day before the release (this is called a “constructive sale”), and all profits are taxed for that year, says document. Thus, according to the tax authorities, Tinkov had to pay taxes on the entire amount in which his shares were valued.

The first paragraph of the indictment says that Tinkov filed an incorrect tax return in 2013, where income for the year was indicated in the amount of $ 205 thousand, realizing that it was actually higher.

“In his tax return for 2013, neither profit nor income from the constructive sale of his property in connection with his renunciation of citizenship was indicated,” the report says.

The second point of the charge relates to the financial information that Tinkov indicated in his application for renunciation of citizenship, where the applicant reports taxes five years before expatriation. In it, he reported that at the time of renunciation of citizenship, his fortune was estimated at 300 thousand dollars.

“Tinkov knew that his condition at the date of expatriation was more than 300 thousand dollars and that he had to submit a list of property and provide information related to this property in a statement of renunciation of citizenship,” the document says.

On the subject: The court decided to extradite to the United States a Russian businessman accused of espionage

Last week it became known that the US Internal Revenue Service initiated court hearings in London against Tinkoff. On Monday, March 2, the entrepreneur made a deposit after issuing a warrant for his detention. The company noted that he participates in the hearings as a private individual.

On Thursday, March 5, it became known that a British court ordered Tinkov to hand over Russian and Cypriot passports.

As reported by ForumDaily:

  • The representative of Tinkoff Bank said that the company independently provided information on participation of Oleg Tinkov in court hearingsinitiated by the IRS, “to transparently comply with all legal standards relevant to a publicly listed company in London and Moscow.”
  • At the same time, a company representative emphasized that Oleg Tinkov has not been a U.S. citizen since 2013.
  • TCS Group Holding PLC includes Tinkoff Bank, Tinkoff Mobile virtual mobile operator, Tinkoff Insurance, and Tinkoff Capital management company.
  • Oleg Tinkov founded TCS Group Holding PLC in 2006. Forbes estimated his fortune in 2019 at $ 2,2 billion. According to the publication, Tinkov was ranked 47th in the ranking of “200 richest businessmen of Russia 2019”. He dropped to this position from the 43rd in the top 200 of the richest Russian entrepreneurs in 2018.
Miscellaneous Our people taxes in the USA US Department of Justice Tinkoff Bank Oleg Tinkoff

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From fine to jail time: what happens if you don't pay taxes

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