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Russian oligarch Alexey Mordashov, the single biggest shareholder in the German travel group Tui AG, is leaving the firm's supervisory board in view of the EU sanctions imposed on him.
The company made the announcement on Wednesday, saying that ‘the aim of the EU sanctions is that Mr Mordashov can no longer use his shares in Tui,’ and therefore not make any profit from them.
‘Mr Mordashov is also resigning from the Tui supervisory board with immediate effect. He formally declared the resignation of his mandate to the company today,’ it said.
The sanctions would have no impact on the company itself, Tui stressed.
The EU had put sanctions in place against a number of Russian businessmen and oligarchs on Monday because of the attack on Ukraine.
The EU assets of those targeted, including Mordashov, were frozen and their freedom to travel restricted.
Mordashov has been a Tui shareholder for around 15 years and holds just over a third of the shares. On Tuesday, he questioned the sanctions against him, saying ‘I fail to understand how these sanctions against me will contribute to the settlement of the dreadful conflict in Ukraine.’
Tui shares closed 0.7% lower at 217.50 pence each in London on Wednesday.
source: dpa
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