Tinkov family relinquishes control over TCS Group

The family of Russian billionaire Oleg Tinkov has relinquished control over the TCS Group Holding PLC — Tinkoff Bank’s parent company.

An announcement published on the London Stock Exchange website states that all TCS Group Class B shares held by the Rigi Trust and Bernina Trust connected with Oleg Tinkov were converted to “ordinary” (Class A) shares as of Thursday, January 7.

As a result, the Tinkov and his family’s voting rights in the TCS Group have now fallen from 84 percent to 35 percent.

In a comment published as part of the London Stock Exchange’s announcement, Oleg Tinkov referred to the share conversion as “a landmark in the history of the Group.” I believe that this is good for everyone!” the businessman said. “Every share now has equal weight on all shareholder votes, and all shareholders’ interests are aligned even more closely.”

• In December 2020, a trust belonging to Oleg Tinkov and his family sold a 5.3 percent stake in the TCS Group for a total of $325 million. The Tinkov family announced that the proceeds from the deal would be invested in creating a charitable foundation involved in blood cancer research and developing a donor institution. At the time, investors reacted negatively to the deal — the company’s stock quotes lost value on both the Moscow and London stock exchanges.
• Oleg Tinkov was diagnosed with acute leukemia in October 2019.