Russian oligarch forced to sell off stakes in bank after criticizing Ukraine war: reportBy Patrick Reilly
May 2, 2022
A Russian oligarch was forced by Russian President Vladimir Putin’s administration into selling his entire stake in the bank he founded after he publicly criticized Russia’s war in Ukraine on Instagram last month.
Oleg Y. Tinkov, the founder of one of Russia’s biggest banks, Tinkoff, slammed the Russian government’s decision to invade Ukraine as “crazy” in the social media post, in which he said he didn’t see any beneficiary to the war and claimed 90 percent of Russians did not support the war.
The very next day, the Kremlin contacted bank executives and threatened to nationalize the bank if it refused to cut ties with Tinkov, who founded the bank in 2006, the rare self-made Russian billionaire told The New York Times.
Last week, he sold his 35 percent stake in the bank to a Russian mining magnate with closer ties to Putin, which he said he was forced into doing by the Russian government, according to The Times.
Tinkov — who is worth over $8.2 billion, according to Bloomberg — said he was not allowed to negotiate the price, telling the paper he felt “like a hostage — you take what you are offered.”
His 35 percent stake was valued at more than $20 billion on the London stock exchange last year, according to The Times. Without revealing the price, he said he sold his stake for a lowly 3 percent of what he believed to be its true value.
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Source:
https://nypost.com/2022/05/02/russian-oligarch-oleg-y-tinkov-forced-to-sell-off-stakes-in-bank-after-criticizing-ukraine-war/