A second Russian member of the Tui Group supervisory board has resigned following Russia’s invasion of Ukraine and the EU and UK’s imposition of sanctions on wealthy Russians connected to the Putin regime.
Tui confirmed Vladimir Lukin resigned from the board yesterday (March 3).
Alexei Mordashov, Tui’s largest shareholder, resigned from the board on Wednesday (March 2) after being identified as one of a number of Russian oligarchs subject to EU sanctions because of their links to the Russian president.
Mordashov is reportedly Russia’s richest man, the chairman of Russian steelmaker Severstal and of the Severgroup. He and his family own 34% of Tui shares, having held a stake for 15 years.
Lukin is a special advisor to the chief executive of the Severgroup having held senior roles at Severstal for many years. He had been a member of the Tui supervisory board since June 2019.
In a statement, Tui said Lukin had already terminated his contract with Severgroup.
Tui has previously noted that two thirds of the group’s shareholders “are private and institutional investors from Germany, the EU, the UK and the US” and said: “The EU sanctions relate to Mr Mordashov as a person, not to Tui AG, in which he is a shareholder.
“These sanctions against the shareholder have no impact on the company. The operative business of Tui AG is managed by the executive board, as is the case with any German public limited company.”