Timur Turlov’s financial group, Freedom Holding, closed a deal to sell Russian assets. The companies that have passed to the new owner have been renamed Tsifra.
Timur Turlov called the sale of businesses in Russia the best option for the holding company after he renounced Russian citizenship. He also hopes to expand the company’s presence in the global market.
- Freedom Holding was founded by billionaire Timur Turlov. Forbes estimated his net worth at $2.4 billion in 2022. Last summer, Turlov renounced his Russian citizenship and is now a citizen of Kazakhstan.
- In late December 2022, Maxim Povalishin, deputy director of investment company Freedom Finance, bought Freedom Holding’s Russian business for $140 million, which seemed like a small price to the former owners, but given the circumstances of the sanctions, dignified treatment.
- In January 2023, Kazakhstan’s financial regulator decided to check Freedom Holding’s transactions for possible manipulations in the bond market.
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