OREANDA-NEWS. The US Internal Revenue Service has initiated court hearings in London against Oleg Tinkoff, the TCS Group (Tinkoff Bank's parent company) said in a statement. Hearings are held in London in February-April 2020.

The matter concerns the settlement of possible tax claims. Until 2013, Tinkoff was a U.S. citizen. The businessman participates in the hearings as a private person, the situation does not affect any of the Tinkoff group companies, the report states. Other details are not disclosed. The TCS Group also emphasized that Tinkov was confident in resolving the matter as soon as possible.

As noted by the Russian media in the press service of Tinkoff Bank, the group "independently reported on the participation of Oleg Tinkov in the court hearings initiated by the US tax office, in order to transparently comply with all legal standards related to a public company listed in London and Moscow". 

After the publication of the statement, the value of TCS Group depositary receipts during trading on the London Stock Exchange fell by 10.8% to $ 21.05 per share.