TUI does not see consequences if sanctions against Russian shareholder

BERLIN - German travel group TUI told staff on Monday that any sanctions or restrictions against the travel company's largest single shareholder, Russian billionaire Alexey Mordashov, will not have any lasting negative consequences on the company.

"Our company is run by the Executive Board, like any German public limited company, and not by the shareholders or the Supervisory Board," said TUI Chief Executive Fritz Joussen in a memo to staff.

A company spokesperson said TUI was not aware of any possible sanctions against Mordashov.