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  "documentTitle": "Freedom Holding Corp (FRHC)",
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  "presentationDate": "2023-04-19 00:00:00",
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  "notes": "The slide uses a comparison-frame to link Freedom Holdings to the FTX scandal, highlighting governance and regulatory risks.",
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      "text": "Ultimately, if FFIN is treated as a subsidiary rather than a related party, FRHC would be required to restate all financials and would be in violation of Russian War Sanctions, which could result",
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      "text": "Freedom Holdings has FTX written all over it.",
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      "text": "1. A wunderkind CEO who embraces the press, regardless of the controversy. 2. Use of a related party solely controlled by the CEO to obscure financials. 3. The CEO justifies actions by being a proponent of effective altruism. 4. No oversight by any real board of directors. 5. The attempt to buy a US-based brokerage firm. 6. Investors rely on the assumption that \"somebody else did the work.\" 7. Keeps money domiciled in tax haven countries.",
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      "text": "According to economic expert Alexey Kushch, \"Freedom Finance LLC is an ordinary 'laundry' for money that officials have stolen from the budgets of Russia, Kazakhstan, Ukraine, Kyrgyzstan and those countries of the former USSR where Turlov works. Over the past year and a half, Freedom Finance Bank LLC has legalized several hundred million dollars for such odious persons as Bulat Utemuratov, Sergey Katsuba, Pavel Fuks, Margulan Seisembayev, Sauat Mynbayev, Andrey Birzhin, Askar Mamin, and a number of others.\"",
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      "text": "As recently reported in Karabasmedia, Turlov has used Freedom Holdings to launder money through Russia and Kazakhstan.",
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      "text": "While we have not been able to validate this story, we hope that the SEC and NASDAQ will investigate it before allowing Freedom to operate in the United States.",
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      "text": "This story only scratches the surface of the numerous concerns surrounding the accuracy of Freedom Holdings' financial reports and future projections. There are still many unanswered questions about the divestiture of their Russian arm and whether the transaction is legitimate.",
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      "text": "FRHC currently has no analyst coverage and does not host conference calls or provide an investor presentation on their website. While the issue of violating war sanctions is discussed in this report, the flaws and misrepresentation of their business are not adequately addressed.",
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      "text": "We all look back at FTX and question how it happened. While we will not go into detail on all of these points in this report, they are a good starting point:",
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      "text": "In response, FFIN had to explain that they are a Belize company and not regulated by Kazakhstan, comparing themselves to other Freedom subsidiaries. However, if FFIN is treated as a subsidiary and not a related party, FRHC would have to restate all financials and would immediately be in violation of the Russian War Sanctions, resulting in delisting.",
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      "text": "\"Freedom Finance LLC is an ordinary 'laundry' for money that officials have stolen from the budgets of Russia, Kazakhstan, Ukraine, Kyrgyzstan and those countries of the former USSR where Turlov works.\" — Alexey Kushch",
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      "text": "Money Laundering Allegations",
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      "text": "Conclusion:",
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