Hanover, 2 March 2022

EU imposes sanctions on shareholder Alexey Mordashov

he resigns from TUI Supervisory Board

  • EU sanctions deprive Mr Mordashov of access to the shares he holds in TUI
  • No impact on the company, customers and employees 

The aim of the EU sanctions is to prevent Mr Mordashov from disposing of his shares in TUI AG. This is to prevent Mr Mordashov from realising any proceeds or profits from his investment in TUI.

In this context, Mr Mordashov is also resigning from TUI's Supervisory Board with immediate effect. He formally declared the resignation of his mandate to the company today.

As a result of the war in Ukraine triggered by Russia, the European Union issued new sanctions on 28 February 2022, which additionally include further representatives of the Russian economy. Among them is Mr Mordashov. He 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 (66%) 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. The operative business of TUI AG is managed by the Executive Board, as is the case with any German public limited company.

About TUI Group

TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed on the FTSE 250, an index of the London Stock Exchange, on the regulated market of the Hanover Stock Exchange and on the Open Market segment of the Frankfurt Stock Exchange. The TUI Group offers integrated services from a single source for its 27 million customers, 21 million of them in the European national companies.

The entire tourism value chain is covered under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, from the MS Europa and the MS Europa 2 in the luxury class and expedition ships to the Mein Schiff fleet of TUI Cruises and cruise ships at Marella Cruises in Great Britain. The Group also includes leading tour operator brands and online marketing platforms across Europe, five airlines with more than 100 modern medium and long-haul aircraft and over 1,000 travel agencies. In addition to expanding its core business with hotels, cruises via successful joint ventures and activities in holiday destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a digital company.

Global responsibility for sustainable economic, ecological and social action is at the core of our corporate culture. The TUI Care Foundation, initiated by TUI, focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards with projects in 25 countries. It thus supports holiday destinations in their development.