The transactions of Freedom Holding’s broker, billionaire Timur Turlov, who previously refused a Russian passport and received Kazakhstani citizenship, fell under the control of Kazakhstan’s regulator. According to Bloomberg, Freedom’s operations are being studied as part of an examination of possible manipulations in the bond market.
The publication’s source claims that the transactions in the fall of 2022, including those made by Freedom Holding, were under verification. Special attention was paid to transactions with bonds of the Kazakhstan Sustainability Fund (KFU). The National Bank of the Republic owns 100% of this fund.
The regulator discussed deals that could keep CFU bond yields artificially low to avoid the effects of a yield curve inversion.
Freedom Holding told Bloomberg that they had not received any notice of potential violations from Kazakhstan’s financial regulator.
At the end of the year, Freedom Holding sold the Russian business, the investment firm Freedom Finance, to local management for $140 million.
Author:
Natalia Gormaleva
Source: RB
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