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  "documentTitle": "Freedom Holding Corp (FRHC)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-04-19 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' framework to link the CEO's ownership of FFIN to potential earnings manipulation.",
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      "text": "Freedom Holdings generates 85% of its revenues and 95% of their margin lending from FFIN. FFIN generates the majority of its revenue from Russia. FFIN is a controlled entity by Freedom's CEO, who owns 75% of Freedom's stock and therefore has an overwhelming incentive to use FFIN as an illegal piggy bank to funnel funds from Russia into FRHC to manipulate its earnings or stock.",
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      "text": "FFIN Brokerage Services Inc. Board of Directors and Officers snippet",
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      "text": "As Freedom divested their Russian unit, Turlov stated, \"After Russia's full-scale invasion of Ukraine, we decided that it was better for our company to leave the Russian market. I also renounced my Russian citizenship,\" said Timur Turlov, CEO of Freedom Holding Corp.",
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      "text": "Auditors Barred For this Exact Issue: Freedom's auditors were recently fined and barred by the PCAOB for their oversight of the relationship between FRHC and FFIN.",
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      "text": "\"After Russia's full-scale invasion of Ukraine, we decided that it was better for our company to leave the Russian market. I also renounced my Russian citizenship,\" said Timur Turlov, CEO of Freedom Holding Corp. — Timur Turlov",
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      "kind": "title",
      "text": "Turlov Continues to Circumvent Sanctions...Back to Lack of Trust",
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