Alexey Mordashov, who owns 34% of the share capital of TUI AG, has been sanctioned by the European Union (EU) in an attempt to prevent his disposal of his shares in the holiday company. The sanctions deprive Mordashov of access to the shares he holds in TUI or from realising any proceeds or profits from his investment. TUI stated that this action has no impact on the company, customers and employees.
Mordashov has resigned from TUI's Supervisory Board with immediate effect.
Mordashov has been a shareholder in TUI AG for around 15 years. Two thirds of the shareholders (66%) are private and institutional investors and come from Germany, the EU, the UK and the US.
The EU sanctions relate to Mr Mordashov as a person, not to TUI AG. “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.”