Documents reveal: This is how the oligarch behind Tui tries to round out EU sanctions

Steel baron Alexei Mordashov was named Russia's richest man by Forbes magazine last year.

He has ownership interests in banks, media, the coal industry and controls the Russian steel giant Severstal - which has delivered iron ore to SSAB.

The steel company is an important supplier to the Russian arms industry, including for the production of armored vehicles, submarines and battleships.

Alexei Mordashov has also taken a position of power in the travel industry, where he as the largest individual owner in Tui was rewarded with a board position in the German parent group.

But the Russian invasion of Ukraine changed everything.

On February 28, Mordashov ended up on the EU sanctions list because of his close ties to Russian authorities who were singled out as responsible for the invasion of Ukraine.

On the same day, an advanced trick started with Tui's shares.

Secret mailbox companies

Assignment review and SVT News have, in collaboration with the journalist network ICIJ, mapped Mordashov's secret affairs.

Documents, from the Pandora leak, among others, reveal how the oligarch had at least 65 mailbox companies in tax havens, whose business concept is to hide ownership and transactions.

The documents also show that PwC, the world's second largest auditing firm, has stood by the oligarch's side since the early 2000s and helped him create and manage the secret companies.

PwC has not answered our questions sent through ICIJ.

Here is one of Mordashov's luxury yachts, "Lady M", which was seized by Italian authorities in March.

The Pandora documents show how the Cypriot part of PwC helped the Russian billionaire hide his ownership of luxury yachts and private planes.

Photo: TT

When Mordashov ended up on the sanctions list, he left Tui's board as part of crisis management.

It was also announced that he had sold the majority of his shares in the travel group to the company Ondero Limited.

Initially, Tui said it did not know who the new owner was.

But documents in Pandoraläckan reveal that the company that took over the shares is controlled by the mother of Mordashov's children - Marina Mordashova.

German authorities are now investigating the suspected share transactions.

70 million in corona support

The pandemic hit the travel industry hard and Tui Sweden, which was previously called Fritidsresor, received over SEK 70 million in various corona support. 

"The tax money Tui Sverige AB has received has primarily gone to salaries for Swedish employees and to save Swedish jobs," Tui writes in a comment to SVT. 

The travel company did better during the pandemic thanks to the tax-financed support.

But the company's largest owner is controversial.

In addition to Mordashov's official links with the Russian regime, the oligarch has carried out very sensitive transactions through his network of letterbox companies. 

Secret documents from the Panama leak revealed that the equivalent of hundreds of millions of kronor had been channeled into accounts that were singled out as Putin's private.

According to Tui, Mordashov can not reap any financial benefits from his shares in the travel group.  

These shares are 'frozen'.

This is in line with the purpose of EU sanctions ", writes Tui.

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