The Agency for Regulation and Development of the Financial Market (ARDFM) is conducting an inspection of JSC "Freedom Finance" following complaints about the actions of a former top manager.
According to media reports, the agency is reviewing four appeals concerning violations of rights arising from civil law relations with V.V. Svetovoy.
"Based on paragraph 4 of Article 15-2 of the Law of the Republic of Kazakhstan 'On State Regulation, Control and Supervision of the Financial Market and Financial Organisations', a documentary inspection has been opened in relation to the company, to check whether the company's actions comply with the requirements of the legislation of the Republic of Kazakhstan in the securities market. Based on the results of the documentary inspection, if grounds exist, the Agency will apply appropriate measures," the ARDFM reported.
It has become known that in August 2024, JSC "Freedom Finance" initiated an internal investigation regarding V.V. Svetovoy, who held the position of executive director.
According to the investigation materials, Svetovoy abused his official position and persuaded clients to transfer money directly to him under the pretext of more effective investing. It is noted that he used the funds received for personal needs, including debt repayment. The actions were carried out without the knowledge of the company's management.
The internal investigation concluded with Svetovoy's dismissal for "discrediting circumstances". The materials were handed over to law enforcement authorities.
"Based on the results of the documentary inspection, if grounds exist, the Agency will apply appropriate measures," the agency reported.
Recall that in January last year, the American research company "Hindenburg Research" conducted an investigation into the Freedom Holding group, which is owned by former Russian oligarch Timur Turlov.
At that time, Freedom Holding published a press release in the newspaper "Karavan", briefly outlining the results of an audit and contesting a number of claims from the investigation. However, the details of the audit remained inaccessible to the general public. Turlov's company kept them secret, citing confidentiality.