The Court of Appeal upheld the seizure of Turlov’s property in the case of Association Bank

The First Arbitration Court of Appeal upheld the court’s decision to seize the property of the shareholder and executive director of Freedom Holding Corp. Timur Turlov. The corresponding decision of April 24 was published in the file of arbitration cases. The value of the entrepreneur’s seized assets is 18.9 million euros and 2 million dollars.

The claim for the seizure of Timur Turlov’s property was filed by the Deposit Insurance Agency (DIA), the bankruptcy trustee of the Association bank that went bankrupt in 2019. As part of the insolvency case, the DIA issued a statement of a separate dispute. Freedom Holding Corp. shareholder is a co-defendant in the case. and a few more people.

They want to recover damages from the defendants because they allegedly took part in the withdrawal of assets from Association Bank. In turn, Timur Turlov himself denies participation in transactions with a financial institution: he previously made such a statement through the press service of Freedom Finance.

Solution on the seizure of the entrepreneur’s assets the arbitration court ruled last March. In addition to almost 19 million euros and 2 million dollars, the businessman’s 49% share in the authorized capital of Marine Operations Services LLC was seized. In addition, the property and money in equal shares of the co-defendants, Stanislav Mashagin, Marina Kosyreva and Olga Artemyeva, were seized.

Let us recall that by the end of 2020, the Nizhny Novgorod bank “Association” returned 7.2 billion rubles to creditors and remained in debt more than 76 million rubles. The office of Association Bank in Nizhny Novgorod was put up for auction several times. Its price varied from 103 to 115 million rubles, and in the summer of 2022 real estate were ready to implement for 98 million rubles.