Putin Pal Resigns From Tui Board

Alexey Mordashov whose is one of the travel giants largest shareholders is gone and his shares have been frozen by the European Union.

Skift, who reported three days ago that Russian Obliarch Alexey Mordashov owned 34% of the Tui Group and sat on the board, resigned yesterday after the EU sanctioned him.

A close confidant of Russian Madman Vladimir Putin, his shares in the largest tour operator in the world have been frozen.

A spokesman for Tui said, “The aim of the EU sanctions is to prevent Mr. Mordashov from disposing of his shares in TUI AG. 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 will be frozen, and he loses any right to shareholder dividends. He has no access to his shares and can’t reap any further benefit from TUI’s business.

The Tui group added, “In this respect, these sanctions against the shareholder have no impact on the company in which he holds shares. “The operative business of TUI AG is managed by the Executive Board, as is the case with any German public limited company.”