Russian court lifts restrictions on Timur Turlov in “Association” bankruptcy case
A Russian Arbitration Court has canceled the protective measures imposed on Freedom Holding Corp. CEO Timur Turlov in connection with the bankruptcy case of the «Association» bank. The news was reported by Frank Media, citing the court ruling.
Court decision and case participants
Along with Timur Turlov, the list of restricted individuals no longer includes A.V. Lordos, A.S. Voron, M.K. Minasyan, the company Marinrpereshnservisz, M.V. Kosyreva and O.A. Artemyeva. Meanwhile, the seizure of V.L. Makarevich’s assets, valued at 229.8 million rubles, remains in effect as part of a settlement agreement.
Earlier, Russia’s Deposit Insurance Agency (DIA) had filed claims against Timur Turlov for €18.9 million and $2 million. According to the DIA, the bank’s assets were allegedly siphoned off through loss-making currency operations in favor of Cypriot companies said to be linked to the businessman.
Timur Turlov has consistently denied any involvement in these transactions.
Timur Turlov’s comment
Speaking to Kursiv, the entrepreneur confirmed that the settlement agreement was approved by the court:
«The settlement agreement has been approved by the court. We dropped our claims against each other; otherwise, the case would have dragged on for a very long time, which I absolutely do not want to waste my time on.»
According to Turlov, the DIA’s withdrawal of its claims and refusal to seek damages is proof of his lack of involvement in the case:
«All claims against us have been dropped, and we paid nothing. The settlement formalizes the complete end of the conflict with the withdrawal of all demands against us,» emphasized Timur Turlov.
The history of the «Association» bank
The Central Bank of Russia revoked the license of the credit institution «Association» in July 2019 for violations of banking regulations. Since then, the bankruptcy procedure has been accompanied by court disputes and lawsuits from the DIA.
Freedom Holding Corp. financial results
Against the backdrop of the conflict’s resolution, Freedom Holding Corp. continues to show growth.
For fiscal year 2025 (April 2024 – March 2025):
- The holding’s revenue reached $2.1 billion (+23% year-on-year).
- Net profit amounted to $84.5 million.
- Assets increased from $8.3 billion to $9.9 billion (+19%).
In Kazakhstan, the holding operates through Freedom Broker (KASE) and Freedom Finance Global (AIX). The ecosystem also includes Freedom Bank, Freedom Insurance, Freedom Life, and other companies.
What the decision means for Turlov’s business
The lifting of restrictions on Timur Turlov not only removes legal pressure but also strengthens his position as an entrepreneur whose company is successfully expanding internationally. For Freedom Holding Corp.’s investors and partners, this serves as a signal of reduced legal risks and reinforces the reputation of its founder.
