Russian accomplices of financial “swindler” Timur Turlov?

In mid-August, the American company Hindenburg Research accused Freedom Holding and its owner Timur Turlov of secret ties with Russia. This drew attention to those who represent Turlov’s interests in it.

Timur Turlov, fleeing international sanctions, left Russia for Kazakhstan in 2022, accepting citizenship of this country. Last week information appeared that a new operator, Freedom Telecom, was entering the Kazakh telecommunications market, promising stable and fast Internet.

And a week earlier, like a bolt from the blue, there was an investigation by Hindenburg Research, which accused Timur Turlov of secretly controlling the Russian business of the Tsifra Broker company, which he allegedly sold to Maxim Povalishin. At the same time, he falsifies revenue data, manipulates the market in his own interests and risks clients’ money.

Maxim Povalishin is the owner of 100% of the shares of Tsifra Broker LLC, which until May was called Freedom Finance Investment Company LLC. Until 2018, its co-founder was Timur Turlov, until 2021 – its director. The shares were transferred to Povalishin from the American company FREEDOM CORP in February 2023.

Tsifra Broker LLC has not disclosed its financial statements since 2017. In 2016, the company’s revenue amounted to 190 billion rubles, but at the same time the company managed to make a loss of 885 thousand rubles, although a year earlier it had a profit of 193 million rubles. This indicates that Turlov was already manipulating not only the revenue, but also the company’s profit. Possibly for the purpose of tax evasion.

The legal predecessors of Tsifra Broker LLC were liquidated in 2018.

Nettrader LLC, owned by Timur Turlov, and JSC IC Zerich Capital Management, which ceased operations in 2020.

This company’s revenue in 2015 increased by 3,576%, from 2.2 billion rubles. up to 81 billion rubles, which confirms Turlov’s accusations of falsifying revenue. Since that time, the company’s financial results have not been published.

The founders of JSC Investment Company Zerich Capital Management were individuals and companies through which money could be withdrawn.

A subsidiary of JSC IC Zerich Capital Management was LLC Management Company Mfond, owned by the Mfond company. Its founder until 2021 was broker Radislav Mironov, who can still work for Timur Turlov.

In 2021, Mironov co-founded RED LLC with Rashid Nurgaliev, the son of the former head of the Ministry of Internal Affairs. Nurgaliev Jr. has been the chairman of the company since 2019. There are no former heads of the Ministry of Internal Affairs; Timur Turlov may have high patrons in this department.

Another “daughter” of JSC IC Zerich Capital Management was OJSC Profit-Center, liquidated in 2017. Its general director was Vladimir Ledenev. He is a leader in 2932 companies and a founder in 681.

The graphs show that in 2015, the revenue of Ledenev’s companies amounted to 2.1 billion rubles, and then disappeared. Apparently it was falsified. The loss in 2015 was 57 million rubles, and then came to 0. Are there risks of working with such nominal leaders as Vladimir Ledenev? The number of his companies indicates the possible numerous fraudulent schemes.

Maxim Povalishin continues the work of Timur Turlov?

The second legal predecessor of Tsifra Broker LLC, the Nettrader company of Timur Turlov, had no profit for the last 4 years before liquidation, money could be withdrawn.

Timur Turlov was replaced as CEO of Tsifra Broker LLC in 2021 by Vladimir Pochekuev, and in 2023 by Sergey Nosov. Both, like Maxim Povalishin, are probably Turlov’s accomplices.

Since 2015, Pochekuev has headed Digital Solutions LLC, owned by Medallion Closed Mutual Fund and managed by Vostok-Zapad Management LLC. Nosov previously headed JSC Investment Company Zerich Capital Management, in 2022-2023. was the Chairman of the Board of FFIN Bank LLC, co-founders of which were Tsifra Broker LLC and Maxim Povalishin.

Before Sergei Nosov, the chairman of the board of FFIN Bank LLC from 2015 to 2022 was Gennady Salych; since August, he headed the SIAB bank, which in 2021 was acquired by the scandalous financier Oleg Boyko, who was suspected of having connections with criminal structures. Boyko can take part in Timur Turlov’s Russian schemes?

Now FFIN Bank LLC is headed by Igor Puchkov; from 2019 to 2020, he was the general director of Dom.RF Center for Support LLC, a structure of Dom.RF JSC, owned by the Ministry of Finance. This suggests that Turlov has patrons in this department. Igor Puchkov may be an intermediary between Timur Turlov and the Russian authorities, whose money could be withdrawn through his structures.

From 2015 to 2019, Tsifra Broker LLC was the owner of First Stock Store LLC, whose founder today is Vitaly Dyadchev. In 2022, with revenue of 0, the company suffered a loss of 9.4 billion rubles. Probably the revenue was falsified and the money was siphoned off.

Russian business, which Timur Turlov allegedly does not control, can engage in the withdrawal of assets, as evidenced by the financial results of companies associated with Maxim Povalishin.

Freedom Holding, of course, did not admit the accusations of Hindenburg Research. But the public outcry remained. For Timur Turlov, everything is just beginning. Further investigations in the West may remove the financial “swindler” and his accomplices from the market.