WASHINGTON, D.C.: Russian billionaire Oleg Tinkov was required to pay nearly $509 million to settle US charges of tax evasion, the US Justice Department said on Friday (Saturday in Manila). The banking and investment tycoon paid the back taxes and fine after pleading guilty on October 1 to felony charges of concealing more than $1 billion in assets to avoid paying taxes on them as he gave up his US citizenship in 2013. Tinkov is the founder of Tinkoff Credit Services, which became the popular online Tinkoff Bank, and owner of the professional Tinkoff Cycling Team.
