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On Wednesday, the group released a statement that TUI sees no “lasting negative consequences” for the company from its ties to Mordashov. “We are not yet seeing a buyer’s strike due to the nationality of our shareholder. Mordashov has resigned from his supervisory position at the TUI Group,” said spokeswoman Petra Kok of TUI Netherlands.
Corona crisis
Due to the sanctions, the Russian would not be able to get rid of his interest at the moment. Earlier, CEO Fritz Joussen indicated that TUI is a German company. But a final profit does flow to a Russian shareholder, who supported the group financially during the corona crisis. Due to the corona crisis, TUI, like many other travel companies, was on the edge of the abyss.
War is not beneficial for tourism, because it often makes travel more difficult. Price fighter Ryanair indicated on Wednesday that it will be a ‘difficult’ year for many airlines because of the unrest caused by the war and the rise in oil prices. Ryanair has previously purchased 80% of the fuel, while that is 60% from airline KLM. “At the moment we do not notice a drop in bookings; the Dutch traveler has waited a long time until he could travel freely again and books trips for both short-term departure and for the summer,” says Kok of TUI.
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steel tycoon
Mordashov has been a shareholder of TUI for about fifteen years. He made his fortune when in the early 1990s, in his twenties, he took control of the steel company Severstal, which was still a state-owned company in Soviet times. According to the leading wealthy list of business magazine Forbes, the oligarch was the richest man in Russia last year with a wealth of more than $29 billion. He was put on the EU sanctions list this week.
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