Freedom Holding Corp. (NASDAQ:FRHC) shares are trading lower Monday after assets of CEO Timor Turlov were seized by Russia's Deposit Insurance Agency (DIA).
The Details:
According to a report from Kursiv.media, the court of arbitration in the Nizhny Novgorod region has seized several properties and $21 million in cash belonging to Turlov and co-defendants. On March 13, the court issued a complaint against Turlov and other individuals who allegedly participated in asset withdrawal from Assotsiatsiya Bank.
"This situation is absurd. Of course, we will challenge this case in court. I came to learn about the case from the media last week. I have no relations with the Russian bank the court mentions. This situation will not affect either our international business or our projects in Kazakhstan because our holding no longer controls any assets in Russia," Turlov explained.
Freedom Holding reportedly closed a deal in February which sold its Russian business and stopped all work in Russia.
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FRHC Price Action: According to Benzinga Pro, Freedom Holding shares are down 4.58% at $71.51 at the time of publication.
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