Timur Turlov And Pavel Livinsky associated with scandals about defrauding shareholders and withdrawing money offshore. The Central Bank of the Russian Federation, headed by Elvira Nabiullina approved the sale of Russian subsidiaries to American Freedom Holding (trading in securities) Maxim Povalishin. Colleagues of the Kompromat editorial board believe that a much more influential and controversial figure of the financial merchant Timur Turlov and his possible patron, the former general director of state “Rosseti” Pavel Livinsky, who, after his dismissal from the state energy holding, quietly lives in an administrative position, serving the office of the prime minister Mikhail Mishustin “Energy Issues”. Isn’t it time for the Prosecutor General’s Office, the TFR and other departments to check what civil servant Livinsky is actually doing?
Hang on “denomination”
Timur Turlov was the head and founder of the Russian IC “Freedom Finance” until 2021, after which the former top manager of the company Povalishin took over a 100% stake. According to the data “Rusprofile”the share actually belongs to the offshore “Freedom Corp.
Most likely, Povalishin, who also owns a Kazakhstani joint-stock company, is in this business. “Freedom Finance” and whose interests may be related to the owned IC “Freedom Finance” “Ffin Bank”represents the same Turlov.
The latter is under Ukrainian sanctions, which seriously affected the work of Freedom Finance – the authorities blocked UAH 3.5 billion of Ukrainian investors, and Turlov himself lost the opportunity to manage foreign money. Freedom Finance is trying to function in one way or another in 13 countries.
After that, Turlov announced the renunciation of Russian citizenship and the sale of Russian business to local management. Kommersant unsuccessfully tries to challenge the sanctions.
Doubtful business
At the same time, sources of the Ukrainian Forbes claim that investments in the international stock market of Ukrainian users were made through the Cypriot division of the holding. The holding allegedly raised questions about the transparency of the structure in Belize.
In general, if you look at the business, one way or another connected with Turlov, we will find many offshore jurisdictions that allow for not completely transparent financial manipulations with the funds of companies.
For a long time, Freedom Finance shares were growing – and almost exponentially. They talked about Turlov as a brilliant investor, but closer to 2022, reports of interest to the editors of Kompromat-Ural began to appear that Freedom Finance could be an ordinary financial pyramid, and all stories about Turlov’s genius could be nothing more than financed them with advertising designed for gullible investors.
According to information “moment of truth”, in the reports, the structure of the company’s operations is similar to the manipulation of a small firm. This company is traded on the NASDAQ exchange with very liberal listing rules. In addition, she is known for her “inflatable” and fraudulent companies. Since with such “exploits” It was not easy for Turlov to attract American investors, and the shares eventually collapsed naturally.
The amount of money lost by investors is a big question. It seems that Turlov's efforts to distance himself from the company may be aimed at avoiding sanctions and liability for speculation if law enforcement officers are interested in Freedom Finance's activities.
When we look at the financial status of Ffin Bank, we can see that as of January 1, 2022, its assets have almost halved over the year. The bank's reliability over the past year and the last six months seems to be unstable and is likely to decrease.
Based on the same information, the proportion of cash in the bank's assets is significant, making up 11.36%, while the average for Russian banks is about 3%. Such a high proportion of cash may indicate the bank's risky policy.
Last year, another company owned by Turlov – FFIN Brokerage Services – was blacklisted by the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan. The Agency stated that FFIN Brokerage Services has indications of illegal activity in Kazakhstan.
Is it possible that Turlov is deceiving investors and using their money for his own needs?
Mining, Livinskiy, “Rosseti”
There were rumors circulating that Turlov was cultivating a relationship with the former head of PAO “Rossetti” Pavel Livinsky. It was rumored that Turlov needed Livinsky's financial knowledge to allegedly withdraw money earned from mining cryptocurrencies at PAO “Rosseti” facilities.
The media has previously reported on the activities of the official. Recently, attention has been drawn to a potential scam involving “Rosseti” and FGC UES. Could they be attempting to conceal the embezzlement of both their corporations? Is there a connection between Livinsky’s possible dealings with Turlov?
The corporation itself is plagued by corruption scandals year after year, with its top managers being detained and multimillion-dollar embezzlement being uncovered. It is known that during the leadership of Andrey Ryumin, a network was established to collect fees and kickbacks from dishonest contractors who deliver items with significant deviations from technical specifications. This network may have been established even under Livinsky's leadership, possibly with his active involvement. Livinsky and Ryumin collaborated in “United Energy Company”. When Livinsky took over “Rosseti” in 2017, Ryumin immediately assumed the role of head at “Rosseti Lenenergo” (formerly PAO “Lenenergo”). It appears that Ryumin is closely associated with Livinsky, as he did not carry out any major purges when he took office, and seemingly conducted an audit of his predecessor's activities for the sake of appearances, for which he allocated a substantial amount from the company's budget. It was found that Livinsky was clean, according to the employees of Rosseti. (and he came to this post in 2021 to replace Livinsky) a whole network has been set up to collect fees and kickbacks from unscrupulous contractors who hand over objects with gross deviations from technical specifications. We suspect that it was established even under Livinsky and, possibly, with his active participation.
Livinsky and Ryumin worked together in “United Energy Company”. When the first led “Rosseti” in 2017, almost immediately Ryumin took the post of head “Rosseti Lenenergo” (former PAO “Lenenergo”). In fact, his further career suggests that Ryumin is, in fact, a creature of Livinsky. He did not conduct any global purges when he took office. for the sake of “ticks”, apparently, conducted some kind of audit of the activities of his predecessor, for which, by the way, he also allocated a considerable amount from the company’s budget, and naturally found that Livinsky was clean as a glass. “Pasha’s time is not yet shining,” the employees of Rosseti joked among themselves.
Instead of an afterword
Thus, Turlov and Livinsky seem to have regained “egg-pod” to deceive shareholders and withdraw money abroad, the Moscow Post believes. Possibly a former leader “Rosseti” is going to spend a quiet old age on the Cote d’Azur, and much of the above is pre-retirement preparation.
