Freedom Finance JSC has issued an official statement in connection with the dissemination of false information about the activities of the companies of the Freedom Holding Corp. holding and its shareholder Timur Turlov.
The company clarified the circumstances of the criminal case concerning a former employee, Vitaliy Svetovoy, emphasising that publications in a number of online resources contain serious errors and distort the facts.
THE ESSENCE OF THE V. SVETOVOY CASE
It is reported that Vitaliy Svetovoy held the position of middle management in the company's sales department. He was not a top manager and did not have the authority to act on behalf of the company in dealings with clients.
In August 2024, G. Isayeva approached the company, claiming that her father had given money to Svetovoy, who promised to return it with high interest. Notably, the funds were handed over directly to Svetovoy — in cash or to his personal accounts, and not through the company's accounts.
After receiving the complaint, Freedom Finance JSC initiated an internal investigation, as a result of which Svetovoy was immediately suspended from work, and on 6 August 2024 — dismissed on discrediting grounds.
RESULTS OF THE INTERNAL INVESTIGATION
The investigation established that V. Svetovoy violated the terms of his employment contract and the company's internal documents. He:
- received money from private individuals in particularly large amounts under promises of repayment with interest;
- created forged documents, misleading clients;
- spent the funds received on bets in bookmakers, personal needs and transfers to third parties.
According to Svetovoy himself, he received money from at least 16 people. The transfer of funds was carried out without proper documentation, which made it difficult to determine the exact amounts of damage.
THE COMPANY'S ACTIONS
Freedom Finance JSC emphasises that it acted strictly within the legal framework:
- initiated an internal investigation, rather than covering up the problem;
- took the measures provided for by law: investigation, suspension, dismissal;
- filed a report with the police to initiate criminal proceedings;
- is providing support to the investigation and liaising with regulators;
- published its official position on its website on 9 February 2025.
PRESSURE AND CONFLATION OF CASES
The company reports that since the end of 2024, it has been subjected to pressure, including threats of public campaigns if it refused to pay the demanded sums. Following the refusal of such "offers", a series of negative publications ensued.
In a number of articles, there was allegedly an intentional conflation of two different cases: the case of V. Svetovoy and the case of Zh. Kaparova against former company employee T. Bekov. Freedom Finance JSC emphasises that Zh. Kaparova is not a victim of V. Svetovoy's actions.
MEDIA RESPONSIBILITY AND THE COMPANY'S POSITION
The company points out that the articles of some online publications contain false information, emotional accusations and distorted facts. Freedom Finance JSC has sent a pre-trial claim to one of the publications, demanding the removal of the articles and the publication of a retraction.
"Freedom Finance JSC respects the profession of journalism and the principles of freedom of speech, but expects the media to comply with legal norms, ethics and fact-checking", the company's statement notes.
Freedom Finance JSC emphasises that it adheres to a principle of zero tolerance for slander and reserves the right to protect its business reputation through legal proceedings.