I joined Forbes as the Europe News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to joining Forbes, I worked for the news agency Storyful as its Asia Editor working from its Hong Kong bureau, and as a Senior Editor in London, where I reported on breaking news stories from around the world, with a special focus on how misinformation and disinformation spreads on social media platforms. I started my career in London as a financial journalist with Citywire and my work has appeared in the BBC, Sunday Times, and many more UK publications. Email me story ideas, or tips, to [email protected], or Twitter @_iainmartin.
Oleg Tinkov, former billionaire, has sold his 35% stake in Tinkoff Bank to Russia’s richest man Vladimir Potanin, after social media rant over “insane” war in Ukraine.Outspoken Russian tycoon Oleg Tinkov says he plans to retire after announcing on Thursday that he would sell his remaining 35% stake in Tinkoff Bank to Vladimir Potantin’s Inteross conglomerate.
The sale comes less than a week after Tinkov, former owner of the Tinkoff UCI cycling team, spoke out against Russia’s invasion of Ukraine in a curse-filled Instagram post branding the war “insane”. Shares of Tinkoff’s holding company TCS Group Holdings, which had a joint listing on the London and Moscow Stock Exchanges, plunged more than 90% following the start of the conflict on February 24. Its shares have since resumed trading on the Moscow Stock Exchange but remain suspended in London.
The sale of the digital bank founded by, and named, after Tinkoff seems to mark the end of a significant chapter in the turbulent career of the one-time billionaire and Russian entrepreneur. The son of a Siberian coal miner launched Tinkoff bank in 2006 after building his initial fortune in brewing and home goods. Tinkov was arrested on a U.S. federal tax evasion charge in March 2020 and settled the case with a $509 million payment in October 2021.
The British government imposed sanctions on Tinkov, who now resides in Italy, along with several other Russian billionaires and businesses it branded as “complicit” in the war in Ukraine in March. Tinkov, who once boasted to the
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