Mordashov family has 100% control over TUI Russia

TUI Group announces it has completed an agreement to dispose of its remaining 10% shareholding in TUI Russia, to KN-Holding, the existing 90% shareholder of TUI Russia.
The disposal has been agreed for an off-set value of USD 11.9m. Going forward, TUI Russia intends to pursue a standalone digital transformation strategy and the TUI brand will continue to be used under a brand license agreement. 

KN-Holding is wholly owned and controlled by Kirill and Nikita Mordashov and is the owner of Unifirm Ltd. Unifirm Ltd owns approximately 30,1 % of TUI Group and KN-Holding is therefore considered to be a related party. 

Alexey Mordashov was born to two steel mill workers in the Soviet Union in a norther city Cherepovets. His empire started with the privatization of one of the biggest soviet metplant he used to work for. Now Mordashov is the wealthiest person in Russia. He and his family own steel company Severstal, Tui Russia, gold-mining company Nord Gold, power engineering company Power Machines, some more enterprises.