Freedom Holding Corp. share price goes up on NASDAQ

The share price of Freedom Holding Corp., represented in Kazakhstan by Freedom Bank and Freedom Broker, has risen on NASDAQ. This growth reached 16% at its peak, according to the exchange’s data.

At the time of publication, the holding shares were trading at $80.60, which means that the share price rose by $10.73 (15.3%) compared to the previous trading session. As a result, the share price assessment recovered to the level of August 14, one day before Hindenburg Research released its report on the holding.

In this document, Hindenburg accused Freedom Holding Corp. of violating anti-Russian sanctions and falsifying financial statements. In an interview with the Kursiv edition, Timur Turlov, the founder and CEO of the holding, noted that Hindenburg Research specializes in releasing compromising materials to profit from the short selling of shares of the “victim company.”

The businessman denied the accusations in Hindenburg’s report and underlined that the company’s compliance is the strongest in the region. Thanks to these compliance procedures, the company can see whether its customers, including those in Russia, pose risks in terms of sanctions and effectively avoid them. Turlov also said that he has nothing to do with the holding’s former assets in Russia after they were sold to the holding’s top manager Maxim Povalishin.

Earlier this week, Kursiv analyzed the consequences of previous investigations by Hindenburg Research and predicted such a turn of events.