Tour operator TUI has confirmed the European Union imposed economic sanctions against its largest shareholder Alexey Mordashov.
The aim of the sanctions is to prevent Mordashov from disposing of his shares in TUI AG, the company said.
Mordashov resigned from TUI’s supervisory board with immediate effect.
Mordashov has been a shareholder in TUI AG for around 15 years and currently holds around one third (34%) of the share capital.
Two thirds of the shareholders are private and institutional investors and come from Germany, the EU, the UK and the US.
“The EU sanctions relate to Mr Mordashov as a person, not to TUI AG, in which he is a shareholder. In this respect, these sanctions against the shareholder have no impact on the company in which he holds shares,” TUI said.
The operative business of TUI AG is managed by the Executive Board, as is the case with any German public limited company.”
