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

The TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed in the MDAX index of the Frankfurt Stock Exchangeand in the regulated market of the Lower Saxony Stock Exchange in Hanover. TUI Group offers its 19 million customers integrated services from a single source and forms the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, ranging from the MS Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The Group also includes Europe's leading tour operator brands and online marketing platforms, for example for hotel-only or flight-only offers, five airlines with more than 130 modern medium- and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels and cruises via successful joint ventures and activities in vacation destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a global tourism platform company.  

Global responsibility for sustainable economic, environmental and social action is at the heart of our corporate culture. With projects in 25 countries, 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. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.