Oleg Tinkov will pay $506 million to settle tax claims in the US

Oleg Tinkov and the US Department of Justice have reached a settlement agreement under which the Russian businessman will pay $506 million to settle tax claims. According to RBC, this amount is made up of US tax losses, taking into account interest and penalties.

At a hearing in the Northern California District Court, Tinkov pleaded guilty. The representative of the businessman said that Tinkov would not sell shares of TCS Group (the parent company of Tinkoff Bank) to pay off debts and fines.

The fact that Tinkov agreed with the US authorities on the settlement of tax claims was reported on September 18. But then the terms of the settlement agreement were not known.

The final decision on the settlement agreement has not yet been made. It is expected that the court will approve it at a meeting on October 29.

• The US Department of Justice accused Oleg Tinkov of providing false tax returns when renouncing American citizenship in 2013, hiding assets and income of about a billion dollars.