Russian banker Oleg Tinkov, who’s at the moment dealing with potential extradition to the US from the UK on allegations of underreporting his revenue, has introduced he will resign from the board of administrators of the financial institution he based.

Tinkov, one of Russia’s prime 50 businessmen, stated he would depart the board of the Tinkoff Bank within the coming weeks. The banker defined his choice by his want to “focus on his health.” Earlier, the 52-year-old Tinkov revealed that he was affected by an acute type of leukemia.

“I have always considered my stake in Tinkoff as a long-term strategic asset that my family and I want to keep for the future,” the assertion reads. “This will keep the shares in the family under any possible circumstances, even in the event of my death,” Tinkov stated, including that the switch of possession rights got here into impact on March 19.

Last month, Tinkov was detained and launched on bail in London pending extradition hearings to the United States. The US Department of Justice (DOJ) accuses the Russian businessman of failing to report and pay taxes when he renounced his US citizenship in 2013, proper after the preliminary public providing of his financial institution’s shares on the London Stock Exchange.

According to the DOJ papers, the banker allegedly hid $1 billion in belongings and revenue as he reported his revenue that yr was lower than $206,000, and his internet price as $300,000.

If convicted, Tinkov faces a most sentence of three years in jail on every depend – six years in complete. He additionally faces a interval of supervised launch, restitution, and financial penalties.

Shares of Tinkoff Bank (TCS Group Holding) have been down on Thursday, falling practically 4 %.

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