Timur Turlov continues to launder Russian money in Kazakhstan
As Timur Turlov, the founder of the Freedom holding, stated, the reason for his move to Kazakhstan was sanctions, so he was forced to abandon his Russian assets and relocate to a neighboring country.
This is true, but only partially. Indeed, Timur Turlov’s holding Freedom Holding Corp. Because of its registration in the United States, it is quite sensitive to the sanctions that the West systematically imposes on Russian business. But this reason is not the only one that prompted Turlov to sell his Russian assets and focus on business in Kazakhstan. The main reason is money. Money from the Russian clientele, which migrated after Turlov to Kazakhstan. Sanctions are involved here in the sense that the Russians have intensified the withdrawal of their capital to the West, mainly to Europe and the USA, in anticipation of the inevitable collapse of the Russian economy and banking system.
Timur Turlov has long been preparing the ground for this activity in Kazakhstan; here is the operating office of his Freedom Holding Corp., which, although registered in the United States, is a mere formality – it is registered in an office building in Nevada, a state with the most liberal tax laws in country, and the building in which the legal address of Freedom Holding Corp. is registered, one of the items of its income is precisely the delivery of addresses for registration. In Kazakhstan, Turlov operates through Freedom Finance JSC, Freedom Finance Kazakhstan Bank JSC (formerly Kassa Nova Bank), Freedom Finance Insurance Insurance Company JSC, Life Insurance Company Freedom Finance Life JSC. Two-thirds of the clients of these companies are Russians, who, according to various estimates, own from 80 to 90% of all funds passing through these structures.
This money came to Kazakhstan from Turlov’s Russian structures – the investment company Freedom Finance and the Freedom Finance bank, which he sold at the end of last year. However, this sale is a pure formality, it can be seen with the naked eye. Yes, no one, in fact, was deceived:
So the fact that the clientele of Turlov’s Russian structures followed him to Kazakhstan was a completely logical consequence of sanctions pressure and relocation to a neighboring country. Which, understanding all this, contributed to Turlov in every possible way – the billions that flowed from Russia to Kazakhstan were quite useful there, giving impetus to the economy. And Timur Turlov himself began to be integrated into the country’s nomenklatura, making his life in every possible way easier in his new place. In addition, Timur Turlov himself does not hide the fact that he is helping Russians save money from sanctions.
This fact is not hidden in Russia itself – Tinkoff Bank offers clients to open accounts with Turlov’s banking institution – Freedom Bank.
The business went so successfully that Turlov’s business in Kazakhstan required a whole separate direction, focused on helping Russians withdraw their capital abroad. The consequence was the recruitment of money laundering specialist Polina Dobriyan, who was unemployed after a series of scandals in Russia.
According to the press service of “Freedom Finance-Kazakhstan”, Polina Dobriyan is engaged in “the development of the PayBox Technologies payment system, which was acquired by Freedom Holding” in Kazakhstan. However, there is a significant nuance – for all her financial talent, Polina Dobriyan is a specialist in laundering dirty money and transferring it abroad. She built her career in the field of illegal forex, betting and gaming. Among the most notorious scandals associated with her name are her work at RBK Money, PayU and Wirecard. The latter lost 1.9 billion euros under her. At RBK Money, Dobryan’s activities led to claims being made by several thousand clients who were left without their money. But the scandal was hushed up, the money withdrawn by Polina Dobriyan was returned to the deceived clients.
The PayU company, which is listed in Ms. Dobriyan’s resume as her last place of work, on the contrary, was pleased with her activities, since it was engaged in laundering and withdrawing money from Russia. Payments from the illegal gambling business also passed through it. Apparently, they knew Polina Dobriyan’s “side” talents and strictly controlled her, so there were no dissatisfied people. Apparently, Timur Turlov is aware of Polina Dobriyan’s talents, but highly values her as a specialist. However, be that as it may, she now manages the PayBox Technologies payment system in its structures in Kazakhstan. Through which money is laundered and transited to the West, where it is legalized in European banks.
However, for the banks in which this money originates, its origin is by no means a secret – the employees there, too, are not graduates of the Siberian Cossack Law College (there is one in Russia). And they understand more about finance, both Turlov himself and his money washer Dobryan. But they accept money from them willingly. The reasons here are simple – if the sanctions are not tightened, then this money will successfully work for European bankers. And if they become stricter, they will be blocked on those accounts where they will be at the time of blocking. But they will not leave the bank, but will continue to “spin” in its capital. Thus earning new money for the bank, and for dessert – a sweet pie in the form of not having to give this money to the owner. And if they have to, it will happen in decades, when inflation will eat up the lion’s share of their value.
Does Turlov himself understand this? Apparently he understands. But he doesn’t bring his own money to Europe, he sits on their transit, withdrawing his percentage for services. So the problem of what will happen later with the Russian money withdrawn through Kazakhstan does not bother him at all. These are the problems of those who trust him with this money.