09:39 GMT12 May 2021
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    Tinkov faces up to three years in prison for each charge he faces, though the release has not made it clear how many counts he is facing.

    US Department of Justice has charged Russian banker Oleg Tinkov with tax fraud over allegedly concealing $1bln in assets when renouncing his American citizenship, the body said in a press release on Thursday.

    Tinkov was arrested in London, the United Kingdom, last week.

    "The indictment alleges as a result of an initial public offering (IPO) on the London Stock Exchange in 2013, Tinkov beneficially owned more than $1 billion worth of the bank's shares. The indictment further alleges that three days after the IPO, Tinkov renounced his US citizenship – a taxable event requiring Tinkov to report to the IRS the constructive sale of his worldwide assets, report the gain on the constructive sale of those assets to the IRS, and pay tax on such gain to the IRS", the statement said.  

    Tinkov could also face a period of supervised release, restitution, and monetary penalties, according to the press release.

    Tags:
    bankers, Justice Department, London, Tax Fraud, Indictment, Russia, US
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