On the evening of April 6, the press service of the Federal Tourism Agency issued a release about the change in the ownership structure of the Russian tour operator operating under the FUN & SUN brand (former TUI Russia). 75% of the share in the authorized capital of the legal entity, TT-Travel LLC, now belongs to Taras Demura. He also becomes chairman of the company’s board of directors. The former majority shareholder, LLC KN-Holding, has 25%. Vladimir Rubtsov has been appointed as the new CEO, previously Deputy for Product and Operations.
One of the interlocutors suggested that the transition of Taras Demura to the status of the main owner is “a formality necessary to remove the real investor and beneficiary of business in Russia, oligarch Alexei Mordashov, from the sanctions strike.”
Another expert disputes this view. He draws attention to the fact that Alexei Mordashov’s company, KN-Holding LLC, remained among the owners: “another goal is being pursued — to shift responsibility for the company’s activities, including losses, to Taras Demura, the ideologist of the concept of aggressive market capture.”