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Russian Oligarch and Putin Pal Mordashov Owns 38% of Tui Group

Updated: Mar 1, 2022

e sits on the board and met with Putin on Thursday in defiance of sanctions.

Skift reports that Alexey Mordashov, Russian Obliarch, and Putin pal owns 34% of Tui Group through a Cyprus company and also sits on the board. One of the companies that Tui controls is Tui Cruises, a joint venture between Tui and Royal Caribbean Group.

According to reports, Mordasgov is not one of the Russian billionaires currently sanctioned, but he is on the list. On Thursday, he met with Putin to show his support and seemilnly in defiance of the sanctions.

The article in Skift states that Mordashov’s net worth is about $23 billion, after losing $4.2 billion last week when Moscow’s stock index plunged.

Bloomberg reports that TUI Group CEO Fritz Joussen posted a letter to employees on LinkedIn Monday, saying if Mordashov gets sanctioned, then the company assumes it “will not have lasting negative consequences for us at a company.” Joussen acknowledged that some employees have asked about the shareholder. TUI told Skift on Sunday that Mordashov’s support of Putin would not have an impact on the company.

From their website, here is a description of the Pui Group; TUI is the world’s leading tourism group. The broad portfolio gathered under the Group umbrella consists of strong tour operators, 1,600 travel agencies, and leading online portals, five airlines with around 150 aircraft, over 400 hotels, 16 cruise liners, and many incoming agencies in all major holiday destinations around the globe. It covers the entire tourism value chain under one roof. This integrated offering enables us to provide our 27 million customers with an unmatched holiday experience in 180 regions. A key feature of our corporate culture is our global responsibility for economic, environmental, and social sustainability. This is reflected in more than 20 years of commitment to sustainable tourism. In 2019 financial year the TUI Group with a headcount of around 70,000 recorded turnover of about €19bn and an operating result of €893mio. The TUI Group’s share is listed in the FTSE 250 index, in the Quotation Board of the Open Market on the Frankfurt Stock Exchange, and regulated Market of the Hanover Stock Exchange.

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