Russian billionaire Oleg Tinkov had to pay nearly $ 509 million to settle U.S. tax evasion charges, the U.S. Department of Justice said on Friday.
The banking and investment mogul paid back taxes and the fine after pleading guilty on October 1 to felony charges of concealing more than $ 1 billion in assets to avoid pay taxes on them after he renounced his US citizenship in 2013.
Tinkov is the founder of Tinkoff Credit Services, which has become the popular Tinkoff online bank, and owner of the Tinkoff professional cycling team.
The Justice Department said Tinkov, 53, born in Russia, became a U.S. citizen in 1996.
In 2013, he listed Tinkoff Credit on the London Stock Exchange, valuing his stake at over $ 1.1 billion.
Three days after the IPO, he sought to relinquish his US citizenship at the US Embassy in Moscow.
As part of the process of renouncing citizenship, he was required to declare all of his wealth and pay taxes on it. Tinkov submitted documents indicating that he only had $ 300,000 in assets.
In a 2019 indictment, the US Treasury said it owed around $ 249 million from its revenue.
In the settlement announced on Friday, he had to pay more than double to cover accrued interest and penalties.
The Justice Department requested his extradition from Britain last year to face the charges.
But Tinkov disputed that, revealing he was undergoing treatment for acute myeloid leukemia that left him immunocompromised and unable to travel.