The Volga-Vyatka Region Arbitration Court has sanctioned measures that seize assets tied to Timur Turlov, the shareholder and former executive director of Freedom Holding. This move was reported by Interfax and marks a significant development in the ongoing financial investigations tied to the group’s activities.
The arrest targets assets intended to secure a claim from the Deposit Insurance Institution, known as DIA, which seeks compensation for losses affecting the bankrupt Birlik Bank. Among the seized items are 18.95 million euros and 2.05 million USD. In addition, a 49% stake in Marine Operations Services LLC was grounded as part of the court’s action.
DIA’s allegations contend that Turlov and other named defendants participated in the withdrawal of funds from the bank totaling 34 million euros and 3.7 million USD. The case has entered the stage of preliminary investigations, with investigators continuing to build the case concerning alleged theft of funds.
Turlov is frequently listed among Kazakhstan’s wealthiest business figures, as reflected in rankings by Forbes Kazakhstan. He has denied any involvement in transactions with Association Bank. In a notable personal development, he renounced his Russian citizenship in 2022, and Freedom Holding subsequently sold its assets in Russia in February 2023, signaling a shift in strategic operations for the group.
Association Bank itself has a history dating back to 1990, established at the initiative of regional industrialists in Nizhny Novgorod. In 2019, the bank lost its banking licenses due to reporting gaps, specifically the failure to disclose foreign exchange balances exceeding a threshold of 3.8 billion rubles. The breach was treated as a serious violation against regulatory requirements, reflecting a mismatch between the bank’s stated assets and its actual reserves.
Earlier reporting also referenced a separate matter involving Wildberries, a major e-commerce platform, though the details there appear to be out of sequence in this article. The broader context involves the interplay of regulatory actions, corporate governance, and asset seizures in the banking sector across the region.