Financial hole in scammer Timur Turlov’s Freedom Finance: who siphoned assets abroad under the guise of investments?

Financial hole in scammer Timur Turlov’s Freedom Finance: who siphoned assets abroad under the guise of investments?

ARDFR plans to verify "Freedom Finance’s" adherence to securities market regulations.

The Agency for Regulation and Development of the Financial Market (ARDFR) has initiated an inspection of the joint-stock company "Freedom Finance" following complaints from the company’s clients, reports Caravan.kz.

According to KazTAG information, four appeals concern possible violations by the former executive director Vitaly Svetovoy. It is reported that he offered clients to transfer funds personally to him, promising profitable investments, but used the money for personal purposes. After an internal investigation, Svetovoy was fired, and the materials were handed over to law enforcement agencies.

ARDFR intends to check "Freedom Finance’s" compliance with securities market legislation. In case of confirmation of violations, appropriate measures will be taken.

"Freedom Finance" is part of the Freedom Holding Corp. holding, founded by Timur Turlov.

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Turlov is a well-known Kazakh entrepreneur and financier, founder and main shareholder of Freedom Holding Corp., an international financial holding with headquarters in Almaty. According to Forbes Kazakhstan, in 2024 his fortune was estimated at $3.3 billion, which secured him the fifth place in the ranking of the 75 richest businessmen in Kazakhstan.

What is known about Turlov?

Born on November 13, 1987, in Moscow. From a young age, he showed interest in finance and investments. At 16, he started working as a trader in the Moscow branch of the American investment company World Capital Investments (WCI), where he gained his first experience in the stock market. Later, he joined the team of "Uniastrium Bank," where he was involved in creating infrastructure for access to trading on American exchanges. In 2009, he graduated from the Russian State Technological University named after K. E. Tsiolkovsky, receiving a degree in economist-manager.

In 2008, during the height of the global financial crisis, Turlov founded the investment company "Freedom Finance," specializing in providing access to American stock markets.

Since 2011, Turlov has been living in Kazakhstan. In 2022, he obtained Kazakh citizenship, renouncing his Russian passport and the passport of the Caribbean state of Saint Kitts and Nevis. When asked about the decision to change citizenships, he once replied:

"I have long considered Kazakhstan my home. Back in 2011, my colleagues and I started our business here. That’s when I moved to Almaty. We were largely lucky that the pension reform began then, freeing up many excellent specialists in the labor market, plus there was growing demand for new investment products. We bet on that and didn’t lose," Turlov said in an interview with Forbes.kz.

In 2012, the company expanded its activities to Kazakhstan, acquiring a local brokerage firm and successfully establishing itself in the new market. In subsequent years, "Freedom Finance" actively developed, adding a bank, an online stock store, and a European broker to its portfolio. In 2019, all these assets were united under the umbrella of Freedom Holding.

In addition to business, Timur Turlov is known for his active charitable activities. In 2022, he became a patron of a lifetime literary prize, supporting authors writing about Kazakhstan. In 2023, he headed the Kazakhstan Chess Federation, investing in the development of this sport in the country. In 2024, his company allocated 1 billion tenge (about $2 million) to help those affected by floods in Kazakhstan.

Criticism and proceedings

Last year, it became known that the Arbitration Court of the Nizhny Novgorod Region seized the property of Timur Turlov and several other persons in connection with a lawsuit by the Deposit Insurance Agency (DIA), related to the bankruptcy of the "Association" bank. The seizure was imposed on assets worth 18.95 million euros and $2.05 million. The seizure was imposed on the amount of 18.95 million euros and $2.05 million, including Turlov’s share in several companies. Turlov himself denies any involvement with the bank, claiming that he was not affiliated with it, and Freedom Holding calls the accusations absurd.

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At the same time, Turlov renounced Russian citizenship back in 2022, and Freedom Holding sold its Russian assets in 2023. Despite this, the DIA continues to seek recovery, and the criminal case on the fact of embezzlement of funds from the bank remains at the preliminary investigation stage. In March of last year, information appeared that Turlov intends to appeal the decision of the Nizhny Novgorod court.

In August 2023, the short-seller company Hindenburg Research published an investigation, accusing the Kazakh financial holding Freedom Holding and its founder Timur Turlov of circumventing sanctions, market manipulations, and unreliability of financial indicators. In response, Freedom Holding rejected these claims, linking them to attempts at discreditation by former employees. An independent audit did not confirm Hindenburg’s accusations, pointing to the lack of evidence of revenue falsification or retention of control over the Russian business after its sale in 2022.

Political scientist Talgat Kaliyev last year suspected Turlov of promoting Russian citizens to key positions in the Chess Federation and ignoring local specialists. He doubted the businessman’s patriotism, stating that he uses the federation to promote his private company, even placing its logo on medals. Kaliyev also called on the Ministry of Culture and Sports to conduct an inspection of the Chess Federation’s activities.