Wednesday, February 21

Sanctions against the largest Russian shareholder of the German tour operator TUI create a chaotic situation

After the sinking of the british Thomas Cook in September 2019, Mallorca only had the German left TUI. However, the claws of the pandemic have been added to the war in Ukraine to lead to the gigantic tour operator to shareholder chaos. After the sanctions against the oligarch Alexei Mordashov (25 billion euros), a reference private shareholder with 34 percent of the conglomerate, the fate of the package that defines his participation is unknown.

The European Union sought exemplary action in a sanction against the steel tycoon three days after the outbreak of the war in Ukraine. The notification of the seizure of the shares specified the will that Mordashov “cannot obtain even one euro of profit from his participation.” While the EU boasted of its speed and forcefulnessthe affected oligarch sold on that same date 29.9 percent of your package in TUI, the maximum allowed without opting for absolute control of the tour operator.

The indications suggest that Mordashov sold himself through the opaque company Ondero, based in the British Virgin Islands and therefore released from giving reasons for his property. Once ownership was established under German law, the controlling shareholder turned out to be Marina Mordashova, which thus became a benchmark for a key tourist network for the future of the Balearic Islands. The new owner was not, of course, on the list. list of oligarchs subject to sanctions.

Although the lineage of the unmasked Mordashova points to the oligarch’s confession of a marital bond with his third wife, not even the marital bond has been able to be unraveled by stock market regulators. The ongoing investigation of the German authorities intends to find out if the oligarch has limited himself to getting rid of the threat of immobilization, with the sale to an armored offshore company.

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the luck of TUI, on the verge of bankruptcy As a result of the pandemic and rescued by successive capital increases urged by Berlin, which Mordashov always replied to, it is key to Mallorcan tourism. The acronym for Touristik Union International has embodied since the 1990s the link between the island and Germany, in the chapter on the operation of tour packages.

In addition to channeling a million-dollar tourist flow, TUI also focuses its hundred or so planes on Son Sant Joan. It has been the first company to wake up from the lethargy of covid, and its reactivated connections link Palma with twelve European airports. It has also got up early in leisure navigation, and the bluish silhouette of the Mein Schiff series cruise ships have already docked throughout this year at the West Dock.

The colossus of uncertain and unrivaled shareholding in Europe also controls the firm Overseas Expressjust like him Club Robinson resort in Cala Serena, German equivalent to the legendary French Club Med. Apart from the fluctuating business, TUI participates directly in Majorcan hotel empires.

Grupotel is one of the Majorcan chains linked to the largest holiday group on the continent, which boasts, above all in its official documentation, of its 50 percent stake in the manager of the Riu brand, after having shared ownership of the establishments. In fact, both Carmen Riu and currently her son Joan Trian Riu have been part of the Supervisory Council of the German conglomerate, a body in which Mordashov was also aligned before he was sanctioned on March 2 to resign from his positions. .

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The members of the Riu family have represented 21 million shares of TUI, with a current share of 3.6 percent. The Matutes are also linked to the history of the tour operator. Mordashov’s entry into the capital corresponded to a strategic investment on behalf of Moscow. The oligarch’s television channels have supported Putin in the invasion of Ukraine, a crucial piece of information for the persecution of the EU.

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From the five percent of TUI that he initially acquired, Mordashov staged an operation aimed at sharing the German focus of the company with the Russia/Ukraine group, which should strengthen tourist ties with Mallorca at the same level as the Central European countries. The pandemic first and now the war have frustrated the dreams of guaranteeing control of the vacation destination of millions of compatriots. This reorganization would also have been decisive for the Majorcan brands associated with the business complex.

The suspicious self-sale of TUI has been invalidated, which is equivalent to freezing Mordashov’s dream, with additional reputational damage and punished by the London Stock Exchange. The oligarch close to Putin has so far shown a virus-proof obstinacy, in the absence of knowing if he will resist the bombs. Italy also immobilized his yacht Lady M (65 million), named after the initial of his alleged wife. She is a more modest vessel than the luxurious Nord (400 million), aboard which she circumnavigates a Mallorca that she has explored by land, sea and air.

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