{ "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 3, "pageCount": 8, "prevPage": 2, "nextPage": 4, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a rhetorical question to frame the company as a 'Belize/Russian version of Alameda Research'.", "elementsJson": [ "paragraph", "bullet_list", "callout_box" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/3", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-3", "components": [ { "bbox": null, "kind": "callout", "text": "Answer – FFIN is the Belize/Russian version of Alameda Research.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b7-709e-b8be-1368769f76d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.1 }, "kind": "list", "text": "15 types of restrictive measures were provided for by the decision of the National Security Service of Ukraine, including: asset blocking; restriction of trade operations; prevention of withdrawal of capital; suspension of economic obligations; prohibition of issuing permits.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "944dc912-a0cf-407b-badb-8a9ea5d77ce6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.69 }, "kind": "paragraph", "text": "In July 2014, prior to our acquisition from him of FFIN Securities, Freedom EU, and Freedom RU and Freedom KZ, Timur Turlov established FFIN Brokerage Services, Inc., a corporation registered in and licensed as a broker-dealer in Belize (\"FFIN Brokerage\") to service the investment needs of customers desiring broader investment options in international securities markets. FFIN Brokerage is owned personally by Timur Turlov and is not part of our group of companies.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0d07efe1-5a5e-41b1-971d-ee8c1e036fba", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.12, "y": 0.6 }, "kind": "paragraph", "text": "Answer – FFIN is the Belize/Russian version of Alameda Research. While Freedom Holdings appears to have sold their Russian operation, Freedom Finance, their version of Alameda continues to operate under the sole ownership of Timur Turlov.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1a56a0c8-7195-4595-be04-e4498f489bcd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.12, "y": 0.27 }, "kind": "paragraph", "text": "The National Commission on Securities and the Stock Market (NKTSBFR) suspended the licenses of Freedom Finance Ukraine on November 9, 2022. Bloomberg contacted the Ukrainian Central Bank regarding Freedom's future.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfdccc06-bfc5-4c0b-b066-537f8d44db1e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.12, "y": 0.4 }, "kind": "quote", "text": "\"That's bound to prove challenging given that the nation has sanctioned him and his local Freedom branch because of his ties to Russia. The Ukrainian Central Bank is willing to do business with foreigners, but only with those with an \"impeccable\" reputation - not sanctioned entities,\" its press office said in a text message.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "252bde03-c599-4119-b08f-e9094e1564d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"That's bound to prove challenging given that the nation has sanctioned him and his local Freedom branch because of his ties to Russia. The Ukrainian Central Bank is willing to do business with foreigners, but only with those with an \"impeccable\" reputation - not sanctioned entities,\" — Bloomberg", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b7-709e-b8be-15004060d791", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.12, "y": 0.53 }, "kind": "title", "text": "What does Ukraine know about Freedom that has not yet been absorbed in the markets in the United States? What are his “Ties to Russia”", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc9b6d44-47c1-4137-bb1c-6075859904fe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.12, "y": 0.03 }, "kind": "title", "text": "Citron RESEARCH", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1a1fa7e7-b52e-4353-9043-4023ff614b76", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "from": 2, "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 5, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" }, { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }