The Volga-Vyatka Region Arbitration Court approved the decision to confiscate the property of the shareholder and executive director of Freedom Holding, Timur Turlov. About this writes Interfax.
The arrest was made within the scope of securing the Deposit Insurance Institution’s (DİA) claim for compensation of damages in favor of the bankrupt Birlik Bank. The seized amount was 18.95 million euros and 2.05 million dollars. In addition, 49% of the shares of Marine Operations Services LLC were seized.
The DIA accuses Turlov and other defendants of participating in the withdrawal of assets totaling 34 million euros and $3.7 million from the bank, and a criminal case has been opened on the theft of funds, which is currently at the preliminary investigation stage.
Turlov, who is among the 10 richest businessmen in Kazakhstan according to Forbes Kazakhstan, denies any transactions with Association Bank. He renounced his Russian citizenship in 2022 and in February 2023 Freedom Holding sold its assets in Russia.
Bank “Association”, established in 1990 on the initiative of Nizhny Novgorod industrialists, loss Licenses in 2019. This was due to the absence in the reporting of foreign exchange balances exceeding 3.8 billion rubles, which is more than twice the bank’s own funds.
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Source: Gazeta
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