1 Jun 2022 12:06

Freedom Holding exiting Russian market, local assets to transfer to Turlov for subsequent resale

MOSCOW. June 1 (Interfax) - Freedom Holding has decided to withdraw Russian assets from the group's entity amid the situation in Ukraine and its consequences for financial markets, and Timur Turlov, the main owner of the holding, will be the buyer at the first stage, Freedom Holding said in a report.

The deal with Turlov will include the group's Russian subsidiaries, including the brokerage business and Freedom Finance bank. As of March 31, the group's Russian divisions employed over 1,700 people, according to the report.

Following the change in ownership, the group's Russian assets will be renamed and rebranded. Turlov intends to resell the Russian business either to management or to another "acceptable" buyer within a year or a year-and-a-half.

Freedom Holding also reported that the company has to date sent $3 million for humanitarian assistance in connection with the conflict in Ukraine, with Turlov having personally sent $2.5 million.

Turlov, currently a citizen of Russia and the islands of Saint Kitts and Nevis, applied for Kazakh citizenship in April. According to the report, he plans to renounce his Russian citizenship, as well as his citizenship in Saint Kitts and Nevis.