Russian oligarch Mordashov, under EU sanctions, transfers his TUI shares to his wife – Voting rights blocked

Alexei Mordashov © Wikipedia 2018

TUI has been notified of the ownership of Ondero Limited in a new mandatory regulatory notification. Ondero Limited is the majority shareholder of Unfirm Limited, which owns 29.9% of the shares of TUI AG. According to the current notification to TUI and BaFin, Ms. Marina Mordashova is the majority shareholder of Ondero Limited.

Already on March 4, 2022, TUI AG had published that Mr. Alexey Mordashov had informed the company about changes in the shareholder ownership structure of TUI Unifirm Limited, which have an impact on the shareholder structure of TUI AG:

  • He informed that Unifirm had transferred 4.1% of its shares in TUI AG to Severgroup. Severgroup is controlled by Mr. Alexey Mordashov. These shares are therefore attributed to him. Due to EU sanctions, Mr. Mordashov does not have access to these shares and voting rights and cannot derive any economic benefit from them.
  • It was also revealed that its holdings KN-Holding LLC and Rayglow Limited sold their shares held in Unifirm Limited to Ondero Limited on February 28, 2022. Ondero Limited owns 29.9% of TUI shares through Unifirm Limited.

At the time of publication of this mandatory announcement, TUI AG has not been informed of any majority shareholder of Ondero Limited. In the new notification corrected by Ondero, the company is informed that Ms. Marina Mordashova was already the majority shareholder of Ondero Limited at the time of the share transfer on February 28, 2022.

The German Federal Ministry for Economic Affairs and Climate Protection also informed TUI on Thursday that it had initiated investigation proceedings under the Foreign Trade and Payments Act against Ondero Limited regarding the effectiveness of the notified transaction. TUI has been informed that until the conclusion of these proceedings, the transaction is pending invalidity and the voting rights of Unifirm Limited cannot be exercised.

Hanover, March 18, 2022

Comments are closed.