Russian Oligarch Resigns From TUI Group Board After EU Sanctions
Photo Credit: TUI Group headquarters in Hanover, Germany. The company's largest shareholder resigned from its Supervisory Board March 2, 2022. Diplom-Foto-Designer / Christian Wyrwa
Skift Take
Mordashov's resignation from the TUI Group supervisory board has to be a tremendous relief to the world's largest tour operator, which can now in large part get on with its business. However, there is a substantial hangover: With his shares frozen, Mordashov still remains TUI Group's largest shareholder.
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Skift’s reporters and editors are working to explain how the war on Ukraine is impacting travel. All of our stories about the subject are free for all readers.TUI Group's largest shareholder, the Russian billionaire Alexey Mordashov, resigned from its supervisory board Wednesday after the European Union leveled economic sanctions against him three days earlier.
"The aim of the EU sanctions is to prevent Mr. Mordashov from disposing of his shares in TUI AG," the Hanover, Germany tour operator said in a statement. "This is to prevent Mr. Mordashov from realizing any proceeds or profits from his investment in TUI."
As part of the EU sanctions, Mordashov's equity in the comp
