The Nizhny Novgorod Region Arbitration Court has seized the assets of Timur Turlov, a shareholder and the chief executive of Freedom Holding, along with several others, at the request of the Deposit Insurance Agency as part of the Association’s bankruptcy case. This development was reported by Interfax, citing the arbitration case file.
According to the arbitration records, Turlov’s money and property totaling 18.95 million euros and 2.05 million dollars, including a 49% stake in Marine Operations Services LLC, were frozen. Similar asset seizures were implemented for other defendants within the same scope, including Stanislav Mashagin, Marina Kosyreva, and Olga Artemyeva. The DIA is pursuing damages from individuals involved in the withdrawal of assets from Unity Bank, with the related suit filed in mid-March. [citation: Interfax, arbitration case file; DIA press materials]
Turlov responded by denying any relationship with the Association, asserting that he did not participate in any transactions with the bank and was not acquainted with its employees. He suggested that the operations in question might have involved routine activities of one of his companies rather than his personal involvement. [citation: court statements]
Meanwhile, the central bank noted that a license had been granted to the Union in 2019 after the discovery of a substantial shortfall of 3.8 billion rubles, more than double the bank’s capital. By 2022, Turlov’s fortune was estimated at $2.4 billion, earning him a place on Russia’s Forbes list. In mid-2022, he renounced Russian citizenship in favor of Kazakh citizenship. Freedom Holding, in another move, sold the Russian bank and a related investment firm to a senior executive for $140 million the following year. [citation: financial records, Forbes listings, company disclosures]
There were earlier attempts at independent verification by Freedom Holding regarding the events in question. [citation: company statements]
Additionally, transfers from Mir cards in Kazakhstan were restricted in prior years. [citation: regional financial reporting]