Originally Syndicated on May 20, 2023 @ 11:27 am
The Russian citizenship of Oleg Tinkov, a businessman, has been formally abandoned, and he claims to have “nothing left in Russia.” Some signs suggest, however, that he retains management of his Russian tourism venture, La Datcha, which includes the boutique hotel Astrakhan and the premium facility Kamchatka.
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One may argue that former Russian billionaire Oleg Tinkov pioneered the “renunciation of Russia” movement currently gaining traction among a subset of “political refugees.” The businessman, who has been living abroad for a while, described the British sanctions as his “deepest mistake” in his entire life.
Tinkov’s Background and Business Ventures
Tinkov stated in an interview and on his own social media pages last fall that he had sold his whole business in Russia and was renouncing his Russian citizenship. Oleg Yuryevich has also stated that he “had to sell Tinkoff Bank for a penny.” In May, it was reported that Vladimir Potanin’s Interros had acquired 35% of TCS Group from the Tinkov family for an undisclosed sum of money in the hundreds of millions. Following the purchase of the asset, Potanin remarked that he “does not dare to call such money a penny.
But not everything is as it seems in the Russian tourism industry, including Tinkov. The former banker says he got rid of personal items for the La Datcha development. Astrakhan is home to one, and a new boutique hotel is being built near Kamchatka. However, a number of factors have called Tinkov’s claims into question. Please help me understand this.
It was American millionaire Richard Branson’s concept, and Tinkov stole it. According to him, La Datcha is all about combining the great outdoors with the finest amenities and service.
Tinkov’s Expansion Beyond Dachas
“I own all of these residences by myself. However, maintaining them is costly. And in today’s economy, where everything is shared, let them be shared, too, the businessman reasoned. “I will rent them out in my spare time.”
Val Thorens and Courchevel (France), Forte dei Marmi (Italy), and Cabo San Lucas (Mexico) are just a few of the locations where high-end villas are part of this project (https://www.ladatcha.com/ru/). La Datcha used to consist of a high-end fishing cabin in Astrakhan and a soon-to-open boutique hotel in Kamchatka. Plus a yacht is estimated to be valued at around $100 million.
In numerous interviews, Tinkov has discussed his passion for fishing and his frequent trips to Astrakhan. A premium guest complex was erected in 2017 on the banks of the Volga in Astrakhan, with a main cottage measuring 1440 square meters and two guest homes providing suitable accommodations for a total of 12 guests.
The well-known businessman Oleg Tinkov commissioned “La Dacha Astrakhan,” the jewel of the La Datcha Tinkoff Collection, according to the website of the Finnish company Honka that oversaw construction.
La Dacha Astrakhan and La Dacha Service, two separate limited liability companies, were responsible for the operation and leasing of this fishing cottage. Formerly owned by Nubelon Holdings Ltd. and Woorlon Holdings Ltd., both of which are based in Cyprus, on April 29, Stanislav Podolsky acquired sole ownership of both Astrakhan LLCs.
True story: He is the guy who used to run everything at Tinkoff & Co. The fact that Oleg Tinkov cites a former employee in “I am the only one” suggests that this person is part of Oleg Tinkov’s inner circle. As a result, it’s plausible that Podolsky’s “dacha” in Astrakhan was transferred to him merely in name. As for La Dacha Service, it was handed to Woorlon Holdings Ltd. and businessman Alexander Malakha, while La Dacha Astrakhan was returned to Nubelon Holdings Ltd. and Woorlon Holdings Ltd. after only a couple of months.
As part of the La Datcha project, Oleg Tinkov originally intended to construct a 10-room boutique hotel in Kamchatka in 2015, but he and the peninsula’s previous administration could not come to terms. However, the same Finnish company, Honka, acting through a Russian distributor, LLC Rossa Rakenne SPb, has begun implementing the project on behalf of Tinkov. Although it had been said that the hotel complex would open in 2021, that date came and went without the hotel’s debut. Vladimir Solodov, the Governor of the Kamchatka Territory, said in October 2021 that the complex would be operational by March 2023.
Oleg Yuryevich Tinkov’s business is building to La Datcha’s specifications, which is a recognized global symbol of the best in hospitality. There will be a one-of-a-kind hotel complex there. ”The work is being done at a very rapid tempo,” he continued. Construction was in progress as of May 2022, according to the Kamchatka Territory’s official website.
Honka Kamchatka, the corporation leasing the property on which work is taking place, is a key inhabitant of the ASEZ (Territory of Advanced Development) in Kamchatka. This firm was founded by Alexander Malakha, and it is now held by Oleg Tinkov’s Cypriot company, Woorlon Holdings Ltd., until January 2020. Alexander Malakha and his company, Nubelon Holdings Ltd., own 1% of the company’s authorized capital.
Conclusion: The Enduring Impact of Tinkov and Nubelon Holdings on Russia
Tinkov divested itself of its Woorlon Holdings holdings and sold them to LD Group Limited. Italian national Stefano Feltrin serves as the head of this firm’s Cypriot subsidiary. His other title is “CEO” at La Datcha Tinkoff Collection, which he founded. Tinkov’s wife Rina Vosman received the shares for a period, then the Swiss Virtue Trustees, and finally, in January 2021, the shares reverted to the management of Virtue Trustees, although this time in the interests of The New LD Group. The current owner has been there ever since.
“Jumps” like this indicate that Tinkov’s reported sale was more of a formality than an attempt to conceal assets. For one, if Tinkov were to actually sell his Kamchatka “dacha,” he would have to find a new buyer for the Italian company La Datcha Management SRL, which oversees all of his overseas properties, as well as for its single shareholder, the Cyprus-based Nubellon Holdings Ltd.
