28 Feb 2023 17:25

Freedom Holding completes deal on selling Russian assets

MOSCOW. Feb 28 (Interfax) - American Freedom Holding Corp., which was controlled by Kazakh businessman Timur Turlov, has completed a deal to sell its assets in Russia, Freedom Finance investment company, now called Tsifra Broker, and Tsifra Bank, formerly Freedom Finance Bank, to Maxim Povalishin, the former deputy general director of Freedom Finance, according to data from the Unified State Register of legal Entities.

Under the terms of the deal, which was announced in October 2022, Povalishin had to pay about $33 million in cash and assume the holding's obligation to Freedom Finance in the amount of about 6.6 billion rubles, an earlier report said.

Povalishin has already acquired FF Auto Leasing Company, established by Freedom Finance last summer. He received 100% of the shares of this LLC on February 7, the report said. The transaction amount was 50 million rubles, which corresponds to the nominal size of the company's charter capital.

According to data on the Tsifra Broker website, at the end of 2022, its own funds amounted to 2.4 billion rubles, with 57.4 billion rubles in assets.

The headquarters of Freedom Holding Corp. are located in Almaty, Kazakhstan. The company's representative offices operate in 14 countries, including Cyprus, the U.S., Uzbekistan, the UK and Germany. It carries out transactions on the Kazakhstan Stock Exchange, the Astana International Exchange, the Ukrainian Exchange, the Tashkent Republican Stock Exchange and the Uzbek Republican Currency Exchange, as well as on the New York Stock Exchange and the Nasdaq Stock Exchange.