Timur Turlov and Freedom Holding: offshore ties with Russian and Kazakh elites

26 июля 2025

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Timur Turlov and Freedom Holding: offshore ties with Russian and Kazakh elites

In recent years, the name Timur Turlov has come to symbolize Kazakhstan’s new economic rise. A young billionaire with the smile of a tech enthusiast and the aura of a visionary, he frequently appears on Forbes covers, launches chess academies, invests in film, sports, and culture, and boldly declares: «I am the capital of the future».

But who is Timur Turlov really? What lies behind this polished facade of a successful financier and philanthropist?

The glossy billionaire

Officially, Turlov is a U.S. resident and a citizen of Kazakhstan, having renounced his Russian passport in 2022. He is the founder and CEO of Freedom Holding Corp, a holding company headquartered in Nevada, with shares traded on NASDAQ. His net worth is estimated at 2–3 billion dollars. Everything looks picture-perfect.

However, behind this facade, as it turns out, lies a gallery of shadows: offshore schemes, scandals involving Russian money, pressure on journalists, involvement in «money laundering» projects, and a paradoxical closeness to both Russian and Kazakh elites simultaneously.

Escape from Russia or an elite assignment?

The official story claims that Timur Turlov moved to Kazakhstan to develop his business. However, an unofficial version is far more intriguing: his departure from Russia was driven by a desire to avoid potential criminal consequences and to build a legal structure for sheltering Russian clients’ money outside the country.

Turlov’s former partners in Moscow claim that as early as 2009–2010, investigations were conducted against him for illegal activities related to «informal brokerage» and possible violations of currency regulations. There is no official evidence, but Turlov’s sudden disappearance and the near-complete absence of traces in Russian registries add to the mystery.

On the other hand, Freedom Holding, since its inception, has positioned itself as a «Eurasian broker with an American facade» through which clients from Russia, Kazakhstan, Ukraine, and other post-Soviet countries could participate in U.S. IPOs and transfer capital via offshore schemes. This raises the question: Did Turlov really flee, or is he a trusted figure for certain Russian clans who decided to hide their money in a more «flexible» jurisdiction?

The dark pages of Freedom Holding

Freedom Holding Corp. is registered in the U.S. state of Nevada, a well-known offshore haven with minimal disclosure requirements. This registration has served as a shield against claims from many regulators but has simultaneously raised numerous questions among analysts.

In 2020, the research firm Hindenburg Research accused Turlov’s holding of involvement in dubious schemes:

- inflated commissions;

- aggressive promotion of high-risk IPOs to retail clients;

- opaque transfers through European structures;

- cooperation with Russian banks under sanctions.

Later, information emerged about Freedom Bank, controlled by Turlov, where clients complained of mass account freezes, forced sales of risky products, and disappearing deposits. Some victims directly accused bank employees of manipulation and labeled the structure as «operating like a 21st-century MMM pyramid scheme».

Journalists from KazTAG wrote: «Turlov has created a vertically integrated financial empire where all processes—from advertising to money withdrawal—are controlled by a narrow group of individuals, and the client risks becoming merely a bargaining chip».

Who hides behind Turlov’s screen?

Although U.S. registries list Timur Turlov as the sole shareholder of Freedom Holding, experienced investors and journalists question: Who really runs this business?

Several investigations mention the name Maxim Povalishin, Turlov’s long-time deputy. He was responsible for the Russian direction and had access to major corporate clients from Moscow, St. Petersburg, and the inner circle of «Gazprom».

There is evidence that through Kazakhstan’s Freedom, offshore entities registered in the British Virgin Islands, Belize, and Cyprus are actively serviced, with money flows often routed through banks in Lithuania and Turkey. This suggests a possible scheme for withdrawing money from CIS countries under the guise of legitimate investments in the U.S.

Censorship, cleanup, and threats

Following the publication of several investigations into Freedom Holding’s activities in Kazakh and international media, a full-scale information cleanup began.

The editorial team of Ulysmedia reported receiving direct threats from affiliated structures after publishing material about Turlov. They were asked to remove the article, with threats of lawsuits and «reputational consequences». A similar situation occurred with KazTAG, where they were demanded to «remove incorrect insinuations».

«This is a classic model of financial raiding, covered by a Forbes facade. Anyone who digs deeper risks ending up in court, or worse», says a source from a competing bank.

Additionally, several Telegram channels have recorded mass orders to delete or «bury» negative materials about Turlov. Requests to Google under the «Right to be Forgotten» law have also been documented.

Politics as a cover?

In recent years, Turlov has rapidly integrated into Kazakhstan’s political and social landscape. He became the head of the Chess Federation, actively comments on reforms, participates in educational initiatives, and supports cultural events. All of this may seem like a classic scheme of a foreign capitalist integrating into the elite.

However, it’s possible that this is not just PR but an attempt to create immunity for himself. Political activity for a businessman with such a past is either a preemptive move or a way to secure «protection» from Kazakhstan’s new authorities.

Notably, parliamentary circles are already discussing the possibility of involving Turlov in advisory or even elected bodies. If this happens, his business will gain an entirely new level of protection.

Laundering elite capital: fantasy or fact?

A number of publications directly claim that Freedom Holding has become not only a haven for «advanced» retail investors but also a primary window for laundering corrupt capital, both Russian and Kazakh.

Through the group’s brokerage platforms, money transits of officials are processed, withdrawn from quasi-state companies like Samruk-Kazyna and QazaqGaz. In some cases, assets were acquired through proxies and registered via legal entities in Estonia and the UAE.

Clients who attempted to trace the origin of certain assets received a standard response: «These are internal technical means of the platform». Subsequently, their accounts were blocked under the pretext of «violating internal security rules».

Conclusion

Timur Turlov is not just a new-generation businessman. He is an architect who has built a system where an American facade serves as a cover for an Eastern Eurasian scheme of cashing out, withdrawing, and legitimizing money.

As of now, there is not a single criminal case against him, and there may never be—too much is tied to politics, and it’s too convenient for many at the top. But Turlov’s story is an example of how a public image can be crafted into armor, behind which lie interests far from personal.