World’s Largest Tour Operator Downplays Impact of Russian Oligarch as Biggest Shareholder

TUI Group, the world’s largest tour operator, is downplaying the impact of sanctions on its largest shareholder, Alexey Mordashov, a Russian oligarch. Estimated to be the second richest man in Russia, Mordashov has been hit heavily with sanctions as a result of Russia’s invasion of Ukraine. “Some of you have also asked me about our largest single shareholder Alexey Mordashov and our position with him…Mordashov has been a TUI shareholder for around 15 years and has held about a third of our company since he propped it up during the Covid-19 crisis,” said Fritz Joussen, chief executive of TUI Group. “However, our company is run by the executive board… and not by the shareholders or the supervisory board…We therefore assume that any restrictions or sanctions against Mordashov will not have any lasting negative consequences for us as a company.” Joussen added that the company no longer holds shares for tour operators in Russia and Ukraine. In a statement released through a Russian news agency, Mordashov said he was shocked by the sanctions. “I have absolutely nothing to do with the emergence of the current geopolitical tension and I do not understand why the EU has imposed sanctions on me,” he said.

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