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Russian billionaire Oleg Tinkov secures $ 20 million bond in the UK pending US tax fraud charges

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52-year-old Russian billionaire businessman pays 20 million euro bail to British court to avoid being locked up while fighting extradition the United States for tax evasion

  • Oleg Tinkov, 52, appeared before the Westminster Magistrates Court on Thursday.
  • US prosecutors have issued a provisional arrest warrant and he has paid $ 20 million in bail
  • He is accused of having made a false declaration of income and of under-reporting his 2013 income

A Russian billionaire paid bail of 20 million euros to a British court so that he could stay in prison while fighting extradition to the United States to face charges of tax evasion.

Oleg Tinkov, 52, appeared on Thursday before the Westminster Magistrates Court after US prosecutors issued an arrest warrant.

US officials have accused him of submitting a false income tax return and underreporting his income for 2013, charges he denies.

Tinkov, who used to fund the Tinkoff Saxo cycling team, is fighting American extradition.

Courts have fixed bail at 20 million and imposed a strict curfew before his next court appearance.

Oleg Tinkov, 52, appeared in Westminster Magistrates Court on Thursday after U.S. prosecutors issued an arrest warrant

Oleg Tinkov, 52, appeared in Westminster Magistrates Court on Thursday after U.S. prosecutors issued an arrest warrant

Oleg Tinkov, 52, appeared in Westminster Magistrates Court on Thursday after U.S. prosecutors issued an arrest warrant

Tinkov is pictured with his Estonian wife Rina in July 2017

Tinkov is pictured with his Estonian wife Rina in July 2017

Tinkov is pictured with his Estonian wife Rina in July 2017

He will have to wear an electronic tag and stay in his apartment in Holland Park, west London every day from 7 p.m. to 7 a.m., he reports. The Sunday Express.

He has returned his passport and must remain in Greater London.

Tinkov owns a wide variety of businesses, launching an online bank in his native Russia in 2006, which now has eight million customers.

Tinkov, who used to fund the Tinkoff Saxo cycling team, is fighting American extradition

Tinkov, who used to fund the Tinkoff Saxo cycling team, is fighting American extradition

Tinkov, who used to fund the Tinkoff Saxo cycling team, is fighting American extradition

He has since launched his own luxury hotel chain, La Datcha, with offices in France, Italy and Russia.

In 2014, Forbes ranked him 1,210th in their ranking of the richest people in the world with a net worth of 1.9 billion.

He is the founder of the brand of household appliances Technoshock and of the frozen food factory Daria. Among his lesser-known projects are a record company and a music store.

Tinkov is passionate about road cycling and created his own team in 2013 after sponsoring others for years.

In 2015, he said that US sanctions against the Russians linked to President Vladimir Putin cost him $ 250 million a day.

But he later denied being an oligarch and claimed to have met Putin only once.

He is married to an Estonian woman named Rina and his two daughters Roman and Pacha were educated in England.

His apex company, TCS Group Holding PLC, listed on the London Stock Exchange, told Express in a statement: "Mr. Tinkov is confident that it will be resolved as quickly as possible.

"This is a private matter which" does not affect any of the operating companies of the Tinkoff group ".

Pictured: Tinkov was released on bail by Westminster magistrates

Pictured: Tinkov was released on bail by Westminster magistrates

Pictured: Tinkov was released on bail by Westminster magistrates

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