Timur Turlov commented on the DIA’s lawsuit regarding the withdrawal of assets of Association Bank
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Chairman and CEO of Freedom Holding Timur Turlov in conversation with RBC stated that he was “never involved” in transactions with Association Bank. Earlier, the Deposit Insurance Agency (DIA) filed a claim with the Arbitration Court of the Nizhny Novgorod Region for the recovery of losses against a number of persons who participated in the withdrawal of the Association’s assets. Among the defendants in the lawsuit is Mr. Turlov.
“I was very surprised to learn from the media about the alleged claims against me from the DIA. <...> “Moreover, I have never been affiliated with the Association Bank and do not personally know any of the employees of this organization,” said Timur Turlov.
He also suggested that the lawsuit was about market transactions made by the treasury department of one of his companies. Mr. Turlov said that lawyers will begin this case after they familiarize themselves with the claim.
The Arbitration Court of the Nizhny Novgorod Region accepted the DIA’s requirements for consideration on March 12. The amount of the claims is not disclosed. The DIA clarified that the basis for presenting the demands was the withdrawal of assets from the bank. A criminal case has been initiated into the theft of funds from the bank.
Timur Turlov is a billionaire, founder of the investment company Freedom Finance. According to Forbes, in 2022 he ranked 36th on the list of Russian billionaires, his fortune was estimated at $2.4 billion. In 2022, due to sanctions risks, Freedom Holding Corp. sold Russian assets, and Timur Turlov renounced Russian citizenship and moved to Kazakhstan.
Read more in the Kommersant article. “In connection with the damage done to Freedom”.
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