WASHINGTON: Russian billionaire Oleg Tinkov is needed to pay nearly $ 509 million to resolve the accusation of US tax avoidance, the US Justice Department said on Friday.
Banking and investment tycoons pay back tax and fine after begging guilty on October 1 for allegations of crime hiding more than $ 1 billion assets to avoid paying taxes on them when he handed over US citizenship in 2013.
Tinkov is the founder of the Tinkoff credit service, which Become a popular online Tinkoff Bank, and the owner of a professional tinkoff cycling team.
The Ministry of Justice said that Tinkov was born in Russia, 53, became a US citizen in 1996.
In 2013 he took the Public Tinkoff credit at the London Stock Exchange, assessing his holding in more than $ 1.1 billion.
Three days after the IPO, he tried to leave US citizenship at the US Embassy in Moscow.
However, it is needed in the process of rejection of citizenship to report full wealth and pay taxes on it, Tinkov submit a document that says he only has an asset of $ 300,000.
In the 2019 charges, the US Treasury said he owed around $ 249 million on his income.
In the completion it was announced on Friday, he had to pay more than doubled so as to cover the interest and punishment that still had to be paid.
The Ministry of Justice has been looking for extradition from England last year to face charges.
But Tinkov compested that, revealed that he was undergoing treatment for acute Mieloid leukemia which made him immunocompromised and could not travel.
Russian Tycoon paid $ 500 million to resolve US tax bills
