MOSCOW, Oct 2 (Reuters) – Billionaire Oleg Tinkov, whose online bank is Russia’s second biggest credit card issuer, pleaded guilty on Friday to filing a false U.S. tax return and agreed to pay $507 million in taxes, interest and penalties, the U.S. Department of Justice said.
He had been accused of concealing $1 billion in assets and income when renouncing his U.S. citizenship in 2013.
Tinkov, whose businesses including Tinkoff Bank are held by his investment company TCS Group (TCSq.L) , was arrested in London in February 2020 in connection with the indictment, and released on bail as he was fighting acute leukaemia.
“Mr Tinkov is grateful for the opportunity to resolve this case in a humanitarian way and is hopeful that it will allow him to focus his energy on fighting his illness,” his lawyers said in a statement.
His sentencing hearing is scheduled for Oct. 29, which is expected to wrap up the case.
A spokesperson for Tinkov said the businessman has enough funds to cover the fines without selling his assets, including shares in TCS.
Our Standards: The Thomson Reuters Trust Principles.
- How 4 different households would fare under the GOP tax bill
- DeSantis goals: teacher pay, E-Verify, environmental action
- Dalio, Dimon and 117 other billionaires set to descend on Davos
- Former BHS owner ordered to pay £9.5m to pension schemes
- Sad Billionaire Cries Because He Feels Misunderstood
- Harry and Meghan's hideaway, the Kremlin-linked tech tycoon and a web of intrigue: Tantalising questions about billionaire Yuri Milner who met the prince at elite 'Google Camp' last summer
- Billionaire Michael Bloomberg Says Elizabeth Warren's Wealth Tax 'Just Doesn't Work'
- All smiles....for now: Billionaire art dealer and his wife look upbeat in court as bitter divorce case resumes and she fights for bigger share of their $72million Upper East Side home
- Venezuelan mayor seizes Baker Hughes office for 'not paying local taxes'
- Number of billionaires has doubled in last decade – Oxfam
- France passes turnover-based tax Bill for tech giants despite US disapproval
- France agrees to press pause on digital tax aimed at US tech companies
- Alibaba co-founder Joseph Tsai set to buy the Brooklyn Nets from Russian oligarch Mikhail Prokhorov for a record $2.35BILLION
- Ireland defends tax dealings with Apple
- The best tax software for 2020: TurboTax, H&R Block, TaxSlayer and more
- Alisher Usmanov pays £30m for naming rights at Everton’s new stadium
- Tax breaks for those earning more than £110,000 could be used to end the crisis of doctors turning down work to save their pensions
- Vietnam Social Security agrees to extend provision of free-of-charge medicine
- Hotel is charging guests extra if they take too long eating breakfast
- Brokerages set up shop in Daman to avail tax exemption
Russian billionaire Tinkov agrees to pay $500 mln over U.S. tax charges have 442 words, post on www.reuters.com at October 4, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.