Russian prosecutors file lawsuit against Kazakh businessman and new International Chess Federation president Timur Turlov
Russia’s Prosecutor General’s Office has sued Kazakhstani businessman Timur Turlov and Freedom Finance, the holding company he founded, RBC reported. A deputy prosecutor general filed the lawsuit in Moscow’s Tverskoy District Court.
The nature of the lawsuit has not been disclosed. The defendants include Freedom Holding Corp., Freedom Finance Europe Ltd., and W-Empirical Holding Corp.
“The Prosecutor General’s Office has filed a civil lawsuit against the holding company and several other companies. We still do not understand what this lawsuit is about or whether it is valid. We will look into the matter. We see no significant risks to the holding company’s operations. We have no assets in Russia, and the holding company itself does not operate there,” Freedom Holding said.
Turlov was born in Moscow. In 2022, he renounced his Russian citizenship and became a citizen of Kazakhstan. By then, he and his family had been living in Kazakhstan for more than 10 years.
Turlov first appeared on Forbes’ list of the world’s richest people in 2021, with a fortune of $2.1 billion. In spring 2022, he was added to Forbes’ list of Russian billionaires. In 2026, the Kazakhstan edition of Forbes ranked Turlov sixth among the country’s 75 richest businesspeople. It estimates his fortune at $5.2 billion.
Turlov founded Freedom Holding, which specializes in financial services, in 2008 while he was still attending university in Russia. After Russia launched its full-scale invasion of Ukraine, the company sold its Russian assets. The businesses it sold are now called Tsifra Broker and Tsifra Bank. Freedom Holding now provides financial services in 22 countries, including Kazakhstan, the United States, EU countries, Uzbekistan, and Armenia.
On September 26, Turlov was elected president of the International Chess Federation (FIDE). He succeeded former Russian Deputy Prime Minister Arkady Dvorkovich, who was sanctioned by the EU.
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