Freedom Holding has sold its Russian business and ceased operations in Russia
The company's CEO Turlov renounced his Russian citizenship
Investment company Freedom Holding Corp. (FRHC) has announced that it has completed the process of exiting the Russian business. In particular, the regulators of Kazakhstan and the Russian Federation agreed on the agreements on the alienation of the holding's ownership rights to Russian companies, which were signed on October 17 last year.
Source. This is stated in the company's press release.
It is noted that the withdrawal of Freedom Holding from Russia is connected with the Russian invasion of Ukraine. The investment company announced its intention to exclude Russian subsidiaries Freedom Finance Investment Company LLC and FFIN Bank LLC.
In October, the purchase and sale agreements for the business worth $140 million were signed with Maxim Povalishin, who previously served as deputy CEO and member of the board of directors of Freedom Finance Investment Company LLC. Since then, the Russian companies have rebranded and are developing independently.
"After Russia's full-scale invasion of Ukraine, we decided that it was better for our company to leave the Russian market. I also renounced my Russian citizenship," said Timur Turlov, CEO of Freedom Holding Corp.
The press release also states that since the first day of the invasion, the European division of Freedom Finance Europe and Turlov personally have been actively supporting Ukraine. The total amount of financial assistance to the population reaches 9 million euros.
- 2.7 million euros through the Help Ukraine Center and the funds "Your support", "Let's help together" and Soborna Ukraine.
- 2 million for the purchase of ambulances through the fundraising platform UNITED24, created at the initiative of Volodymyr Zelenskyy.
- More than 1.37 billion tenge of Timur Turlov's personal funds for humanitarian aid to the victims of the Russian-Ukrainian war.
Read more about how Freedom Finance Ukraine's operations were frozen due to anti-Russian sanctions and whether there were really any grounds for blocking the company's work in the Mind article.
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