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The oligarch’s wife is now a major shareholder in TUI

After its main shareholder Alexei Mordashov withdrew due to sanctions, the world’s largest travel group TUI and his wife Marina Mordashova became a major shareholder. TUI announced today that the company has been informed that Ms. Mordashova has control of Ondero Limited. Ondero, in turn, is the majority shareholder of Unifirm Ltd, which owns a 29.9 percent stake in TUI.

The travel company was unaware of the relationship between Marina Mordashova and the billionaire and former major shareholder of TUI, who was sanctioned by the West for being close to Russian President Vladimir Putin. According to a report by Business Standard and other online media, she is the third wife of the oligarch.

Mordashov had transferred his pool of shares shortly before EU sanctions took effect against him, denying him access to his assets and thus to the TUI stake. Mordashov said he had nothing to do with Russian politics, but he did not explicitly distance himself from Putin.

About 30 percent ended up with Ondero, a British Virgin Islands-based company, and he sold the remaining 4.13 percent to Russia’s Severgroup, which is run by Mordashov.

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