Hang on “value”
Timur Turlov was the head and founder of the Russian investment company Freedom Finance until 2021, after which the former top manager of the company Povalishin took over a 100% stake. According to Rusprofile, the stake actually belongs to the offshore Freedom Corp..”
Most likely, in this business, Povalishin, who also owns Kazakhstan’s Freedom Finance JSC and whose interests may include Ffin Bank, owned by Freedom Finance Investment Company, represents the same Turlov.
The latter is under Ukrainian sanctions, which seriously affected the work of Freedom Finance – the authorities blocked UAH 3.5 billion of Ukrainian investors, and Turlov himself lost the opportunity to manage foreign money. Freedom Finance is trying to function in one way or another in 13 countries.
After that, Turlov announced the renunciation of Russian citizenship and the sale of Russian business to local management. Kommersant unsuccessfully tries to challenge the sanctions.
At the same time, the sources of Ukrainian Forbes claim that investments in the international stock market of Ukrainian users were made through the Cypriot division of the holding. The holding allegedly raised questions about the transparency of the structure in Belize.
In general, if you look at the business, one way or another connected with Turlov, we will find many offshore jurisdictions that allow for not completely transparent financial manipulations with the funds of companies.
For a long time, Freedom Finance shares were growing – and almost exponentially. They talked about Turlov as a brilliant investor, but closer to 2022 they began appear not without interest for the editors of “Kompromat-Ural” reports that Freedom Finance can be an ordinary financial pyramid, and all the stories about Turlov’s genius can be nothing more than advertising financed by him, designed for gullible investors.
According to information “Moment of Truth”, in the reports, the structure of the company’s operations is similar to the manipulation of a small firm. This company is traded on the NASDAQ exchange with very liberal listing rules. In addition, she is known for her “inflatable” and fraudulent companies. Since it was not easy for Turlov to attract American investors with such “exploits”, the shares eventually collapsed naturally.
How much investors have lost is a big question. It turns out that Turlov’s attempts at this stage to abstract from the company can be aimed not only at avoiding sanctions, but also at avoiding liability for speculation if law enforcement officers are interested in Freedom Finance’s activities?
Looking at the financials “Ffin Bank”, we will see that over the year (as of January 1, 2022), his assets have almost halved. The reliability of the bank during the year and the last given half-year is unstable and tends to decrease.
According to the same data, the share of cash in the bank’s assets is significant and amounts to 11.36% while the average value for average Russian banks is about 3%. Such a high share of cash may indicate, among other things, the risky policy of the bank.
Last year, another structure of Turlov – FFIN Brokerage Services hit to the black list of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan. According to the Agency, FFIN Brokerage Services “has signs of illegal activity on the territory of Kazakhstan.”
Could Turlov engage in a banal deception of investors and further “pumping out” their money for their own needs?
Mining, Livinsky, Rosseti
At one time, information was circulating that Turlov was introducing friendship with the ex-head of Rossetti PJSC Pavel Livinsky. On the sidelines, it was whispered that Turlov and his financial knowledge were needed by Livinsky allegedly to withdraw money obtained by mining cryptocurrencies at the facilities of Rosseti PJSC.
The media has repeatedly covered the activities of the official. More recently, their attention attracted a potential scam with the accession of Rosseti to FGC UES. Could they thus try to hide the multibillion-dollar embezzlement of both their corporations. Are they connected with Livinsky’s possible affairs with Turlov?
The corporation itself is drowning in corruption scandals from year to year, its top managers are detained, and multimillion-dollar embezzlements are revealed. Knownthat in “Rosseti” during the leadership Andrey Ryumin (and he came to this post in 2021 to replace Livinsky) a whole network has been set up to collect fees and kickbacks from unscrupulous contractors who hand over objects with gross deviations from technical specifications. We suspect that it was established even under Livinsky and, possibly, with his active participation.
Livinskiy and Ryumin worked together at the United Energy Company. When the former headed Rosseti in 2017, Ryumin almost immediately took the post of head of Rosseti Lenenergo (former PJSC Lenenergo). In fact, his further career suggests that Ryumin is, in fact, a creature of Livinsky. He did not conduct any global purges when he took office. For the sake of “tick”, apparently, he conducted a certain audit of the activities of his predecessor, for which, by the way, he also allocated a considerable amount from the company’s budget, and naturally found that Livinsky was clean as a glass. “Pasha’s time is not yet shining,” the employees of Rosseti joked among themselves.
Instead of an afterword
Thus, Turlov and Livinsky, it seems, have regained their “pod” for deceiving shareholders and withdrawing money abroad. Perhaps the former head of Rosseti is going to spend a quiet old age on the Cote d’Azur, and much of the above is pre-retirement preparation.